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Bermuda Container Line Releases Interim Report
Bermuda Container Line's net earnings for the first six months of 2004 showed a healthy increase. Net earnings at $2,254,000 were up $642,000 or 40% over the figure recorded in the first half of 2003 but still behind first half earnings for 2002 and 2001.
The increased earnings were due to significantly higher cargo volumes carried by both the BCL service from New Jersey and the SISL service from Florida. BCL's cargo volume was up just over 16% and SISL's up 18% andthis drove revenues up by $2,329,000 or 17%. The volume growth covered all aspects of the business with increases in dry containers, reefer containers, Ro/Ro and breakbulk cargo.
Consolidates expenses were up $1,687,000 or 14%.Variable costs increased at a slightly highter rate than revenue due to stevedoring rate increases. Vessel costs were also up significantly due to dry-dockings in both the BCL and SISL services this year. SISL had to charter in an expensive replacement ship and BCL had an expensive replacement ship and increased dry-docking costs on the "Oleander".
While in dry-dock the "Oleander" went through her third special-survey and we are pleased to report that she is in excellent condition.
The rate of growth in the third quarter has slowed and is now below double digits but still healthy. At this stage we do expect a good second half and excellent results for the full year 2004.
2004 2003
Revenue $15,727,518 $13,398,352
Expenses $13,473,764 $11,786,979
Net earning for the period $ 2,253,772 $ 1,611,373
Net earnings per share $ 0.75 $ 0.54
Dividends per share $ 0.22 $ 0.22