India, May 22 -- Frontline plc (FRO) shares fell 3.47 percent to $37.10, down $1.33 on Friday, despite the tanker shipping company reporting sharply higher first-quarter earnings driven by strong tanker market conditions and disruptions in Middle East crude trade routes.
The stock is currently trading at $37.10, compared with a previous close of $38.43 on the New York Stock Exchange. It opened at $37.64 and traded lower during the session despite the earnings beat and dividend announcement.
Frontline plc reported first-quarter net income of $559.12 million, compared with $33.29 million a year earlier. Earnings per share rose to $2.51 from $0.15 in the prior-year quarter.
Adjusted profit increased to $344.92 million from $40.38 million la...