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Bermuda Container Line's Financial Results 2006
Hamilton, Bermuda: May 15, 2007 - The Bermuda Stock Exchange (BSX) today received the following statement from Bermuda Container Line Ltd. (BCL.BH).
"Bermuda Container Line's financial results for 2006 show net earnings of $4,406,000, which is a $967,500 or 28% increase over 2005. The major increase in earnings was due to increased investment income which was up $740,000 or 175% over 2005 and this increase in investment income accounted for 76% of the total increase in earnings for BCL in 2006. The improved investment income was due to a more aggressive investment policy implemented half way through 2006, higher interest rates and a larger base of investable assets.
There was an increase in the operating profit of the BCL service from New jersey partly offset by a small decline in the operating profit of the SISL service from Florida. Finally, there was a one-off gain incurred on the purchase and immediate re-sale of the "Somers Isles" ex Eclips in November of 2006.
Net earnings per share in 2006 were $1.47 (2005-$1.15) and dividends declared were $1.02 per share (2005 - $0.73).
The Annual General Meeting of the Company is scheduled to be held on Tuesday 26th June and the 2006 Annual Report will be circulated in early June.
For further information please contact Geoffrey Frith at 294-1411."