Frontline slashes dividend
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John Fredriksen-controlled Frontline reports a substantial lift in profits for the third quarter, USD 107.8 million against USD 22.7 million in the third quarter 2007. Despite this, the company announced that the dividend will be reduced to USD 0.50 per share, against the average USD 1.73. The reason is that the company needs to secure financing of its newbuilding programme and also expects the market to deteriorate further.