The value of Frontline's small cap stock rose during morning trading on Friday, as positive first quarter results for the company reversed its fortunes and helped to attract investors.
According to a company release, the net attributable income for Frontline Ltd. (NYSE:FRO) was $7.2 million, a significant turnaround from the losses of $343.7 million for the fourth quarter of 2011.
Sales of the double hull Suezmax tanker, Front Alfa, helped to increase the company's revenue for the quarter and less operating costs helped to reverse the losses from the previous fiscal period.
"Ship operating expenses decreased by $9.6 million compared with the preceding quarter primarily as a result of a decrease in running costs mainly due to recent sales and lease terminations and a decrease in drydocking costs of $1.0 million," according to the company's board of directors.
RTTNews reported that the company expects second quarter results to add to gains made in the first quarter, as previous investments to bolster its infrastructure will begin to pay off.
The value of Frontline shares rose $0.60 to $5.58, an increase of 12.05 percent at 11:12 a.m.
