Ship Finance Says It Earned $53.5 Million

NEW YORK (AP) — Bermuda-based Ship Finance International Ltd. said Thursday that preliminary results show it earned $53.5 million in the quarter ended June 30.

The profit of 72 cents per share included accrued profit of $8 million, or 11 cents per share. The company did not include year-earlier results in its release.

Analysts expected 62 cents per share, according to a survey by Thomson Reuters.

The company said it recognized a one-time gain of $41.7 million related to 8.5 percent senior notes and took a $33.9 million non-cash write-down of its six remaining single-hull tankers.

Revenue was $88.2 million. Analysts expected $102.4 million. A year ago, the company reported quarterly revenue of $120.9 million.

The company issued 3.5 million new shares in the quarter.

Shares rose 67 cents, or 5.5 percent, to $12.82 in morning trading.