(ADPnews) - Aug 28, 2009 - Oslo-listed tanker operator Frontline Ltd (OSL:FRO) saw its net profit drop to a better-than-expected USD 27.8 million (EUR 19.4m) in April-June 2009 as sales nearly halved and announced a second-quarter dividend of USD 0.25 per share.
In the corresponding period of 2008, Frontline posted a net profit of USD 318.4 million, the company said in its interim report, published on Friday. Analysts polled by TDN Finans had on average expected the result at USD 9 million.
The announced dividend was also above the analysts' consensus estimate for USD 0.18 .
Frontline's sales shrunk to USD 281.5 million in April-June 2009 from USD …
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