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Frontline says to start paying quarterly dividends
[OSLO] Crude oil tanker firm Frontline swung to a smaller-than-expected third-quarter operating profit on Tuesday and said it will begin to make quarterly dividend payments from as early as next month.
Following a planned merger with Frontline 2012 later this month, dividends will be equal to, or close to, the combined company's earnings per share, adjusted for non-recurring items, it added.
Frontline, the tanker arm of shipping tycoon John "Big Wolf"Fredriksen, said operating profit jumped to US$19.3 million in the quarter from a loss of US$37.5 million a year earlier, lagging expectations for US$32 million in a Reuters poll of analysts.