Frontline reports profits double
Tanker company Frontline Ltd., which operates a fleet of oil tankers, said Wednesday its second quarter profit more than doubled on gains from asset sales.
Net profit in the quarter ending June 30 surged to $189.1 million from $68.6 million in the prior-year period. Revenue for the quarter was $347.1 million compared to $343.1 million in the same 2006 period.
Frontline said it had a total gain on sale of assets of $66.1 million:
' $31.2 million relating to the sale of its shares in Sea Production, a company that develops floating production and storage projects for the oil industry.
' $21.8 million relating to the delivery of a tanker that has been converted into a heavy lift vessel and $13.1 million relating to the termination of the capital lease for Front Vanadis, a single-hull very large crude carrier.
Shares of the Bermuda based company are listed on the New York Stock Exchange.
Frontline reports profits double
