Frontline Ltd (FRO) Q4 2019 Earnings Call Transcript

Frontline Ltd (FRO) Q4 2019 Earnings Call Transcript

Frontline Ltd ( NYSE:FRO ) Q4 2019 Earnings Call Feb 27, 2020 , 9:00 a.m. ET. It has actually felt a bit like a horror movie at times to be honest.. A solid quarter and the $8.7 million profits related to the Trafigura deal is not included as net income.. Frontline reported net income of $108.8 million equivalent to $0.55 per share and a net income adjusted for certain noncash items of $106.9 million equivalent to $0.54 per share in the fourth quarter.. The net income in the fourth quarter excludes the $8.7 million of net cash received and accrued profit share in relation to the five charter-in and charter-out agreements with Trafigura that have been treated instead as a reduction of the acquisition cost of the vessels.. The increase in net income in the fourth quarter is explained by an increase in sort of time contract basis due to the higher reported TCE rates in the fourth quarter compared to the third quarter.. An increase in equity of $130 million mainly due to the net income for the quarter shares issued in relation to the ATM program of cash dividends.. As of December 31 Frontline has $343 million in