Frontline Q1 Loss Narrows; But Sees Weaker Operating Result In Q2

(RTTNews) - Frontline Ltd (FRO, FRO.L) said that its first-quarter 2014 net loss attributable to the company narrowed to $12.09 million from $18.76 million in the same quarter last year. Basic loss per share was $0.13 compared to a loss of $0.24 in the prior year. The latest-quarter result included a loss on the sale of the VLCC Ulysses of $15.7 million.

The company reported net income attributable to the Company of $3.6 million for the first quarter of 2014 when excluding loss on the sale of vessels, equivalent to earnings per share of $0.04.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter grew to $170.00 million from $125.90 million in the prior year.

The company noted that it would will not pay a dividend for the first quarter of 2014.

The company said that the recent negative development in the tanker market is likely to give a weaker operating result, excluding one time gains and losses, in the second quarter.