The Oslo BORSE index fell this week, and on Thursday morning the main index woke up near zero.
Norwegian Air delivered very strong results in the morning. But investors clearly had higher expectations, and shares fell nearly 5% immediately after the opening.
Crayon’s share is down more than 13 percent In the opening after the company presented the results in the morning. The software company also announced management changes.
Over at DN Investor, you can read about all the results that were presented Thursday morning:
The price of oil fell to $82.3 a barrel of North Sea oil, and oil and energy inventories declined. But the shares of the drilling company PGS rose 2.5 percent.
The best since the financial crisis
John Frederiksen’s carrier Frontline reported its results early Thursday morning and delivered its best second quarter since 2008. Frontline’s share rose more than four percent immediately after the open.
- The shipping company’s sales amounted to $513 million in the second quarter, compared to $300 million in the same quarter last year.
- Operating profit ended at a salary level of $253 million, compared to $67 million last year. $494 million in the first half of the year, five times better than the first half of last year.
- Earnings before tax were $231 million, compared to $51 million last year.
- Adjusted earnings thus ended at $210 million, or $0.94 per share.
- A dividend of $0.80 per share is paid in the second quarter.
Frontline had another strong quarter as fundamental conditions continue to lift the tank market, says Frontline CEO Lars H. Barstad in a stock announcement.
He warns that the good times continue, despite the OPEC cuts, and the bad times on the macro level. He says it is the growing demand for oil in Asia in particular that is boosting the tanker market. Barstad also notes that demand for oil and petroleum products is almost unaffected by the turmoil in the global economy, and we are now entering winter in the northern hemisphere. He attributed the reason for the decline of some types of vectors at the present time to natural seasonal conditions.
Frontline reports freight rates are somewhat lower in the third quarter compared to the second quarter. The shipping company has a total of 66 tankers – 22 VLCCs (large carriers), 26 Suezmax and 18 Aframax.
Frontline’s stake has risen more than 20 per cent in the past month, and a new record of NOK 191.60 per share was set earlier this week.(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. Reproduction or other use of all or part of the Content is permitted only with written permission or as permitted by law. For more terms see here.
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