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Bermuda Container Line Releases Interim Report
"During the first six months of 2002 Bermuda Container Line experienced a decline of $744,000 or 5.13% in revenue. Both freight revenue and interest income declined. The reduction in freight revenue was due to a number of factors, the most important being general freight rate reductions implemented by the Company at the beginning of the year. in addition, there was a small decline in cargo volume with Ro/Ro and breakbulk cargo declining more than containerized cargo. Finally, a change in the mix of cargo also impacted on freight revenue. Interest income was down due to the much lower level of interest rates.
The Company achieved a significant reduction in expenses which declined at an even greater rate than revenue; expenses were down $813,000 or 6.67%. A decrease in expenses was expected but actual results were better than planned. Bermuda Container Line was able to achieve a small increase in net earnings of $69,000 or 3% over the comparable period in 2001."
The Company further commented that, "The outlook for the balance of the year is healthy."