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Bermuda Container Line Ltd - 2009 Interim Financial Results And Dividend Announcement
Hamilton Bermuda - 22 September, 2009 - Bermuda Container Line Ltd (BCL.BH) releases announcement of financial results to 30 June, 2009 (unaudited).
Bermuda Container Line's net earnings for the first six months of 2009 increased by $416,500 or 27% over the comparable period in 2008. The improvement in earnings was due to the receipt of insurance claims proceeds from the Oleander's hull & machinery policy arising from incidents in 2007 and to investment income going from a loss in 2008 to a small gain in 2009. Together these items accounted for a $705,000 improvement in earnings.
2009 2008 2007
Revenue $17,871,763 $17,579,756 $17,419,711
Expenses $15,926,377 $16,050,939 $15,428,973
Net earnings for Period $ 1,945,386 $ 1,528,817 $ 1,990,738
Net earnings per share $ 0.65 0.51 0.66
Dividends per share $ 0.28 0.28 0.26
The consolidated earnings of the shipping services, the core business of the Company, declined by 15.5% in the first half of 2009 compared to first half of 2008. This decline in operating revenue is directly attributable to a decline in cargo volume on both the BCL and SISL services.
Dividends
The Board of Directors has declared a fourth quarter 2009 dividend of 14¢ per share payable on the 19th November to shareholders of record as at 12th November 2009.
In addition, the Directors have declared a special 30th Anniversary dividend of 30¢ per share also payable on 19th November to shareholders of record as at 12th November.
The actual 30th Anniversary of BCL will be on 6th December, the date that BCL commenced its first voyage from Port Elizabeth in 1979.
Contact:
Geoffrey Frith at 294-1411.