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BCL Interim Report For The Six Months Ended June 30, 2006 (Unaudited)
Hamilton, Bermuda, September 28, 2006 - In announcement made to the Bermuda Stock Exchange (BSX), Bermuda Container Line reported net earnings for the first six months of 2006 increased by $401,000 or 24% over the comparable period in 2005 but were still below the net earnings figure for the first six months of 2004. The improved earnings position was due to a healthy growth in revenue, up $1,107,000 or 7%
The primary reason for the growth in revenue was an increase in cargo volume. The first quarter was also positively impacted by the general freight rate increase of 1st April 2005. Finally, there was a very healthy growth in investment revenue due to higher interest rates and a more aggressive investment policy.