Frontline 4Q Sales Sink 48% On Weak Oil Tanker Demand
Frontline suffered a 48.3% decline in its total operating revenues
during the fourth quarter as the oil tanker shipping company
grappled with lower tanker demand. However, 4Q total operating
revenues, which came in $174.9 million still surpassed analysts’
expectations of $108.9 million. Shares fell 1% in extended market
trading after gaining 2.4% at the close on Friday. Frontline (FRO)
reported an adjusted loss of $0.10 per share for the quarter, which
was larger than analysts’ expectations of a loss of a penny.
Moreover, the bottom-line result compared with the year-ago
quarter’s adjusted earnings of $0.54 per share.