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BCL Directors Approve Audited Financial Statements For Year End December 2003
Hamilton, Bermuda, 11 May 2004 - At a meeting earlier this morning the Directors of Bermuda Container Line approved the audited consolidated financial statements for the year ended 31st December 2003. BCL had net earnings of $4,071,500 in 2003, a decline of $279,000 or 6% from the net earnings figure for 2002. Freight revenue did increase in 2003 over 2002 with total revenue up $748,000 or 2.66%. On the other hand, expenses increased at a greater rate with total expenses up by $1,027,000 or 4.32%. The increase in freight revenue was due to increased cargo volume as freight rates were held steady during the year. The increase in expenses was due to both the increased cargo volume and cost increases.
The AGM of the Company is scheduled for Tuesday, 29th June 2004 and the Annual Report for 2003 will be distributed shortly.
