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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
India’s IndiGo gets into long haul game with Airbus A350 deal
Hertz reports US$392 million loss as it unwinds Tesla fleet burden
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race