Hamilton Bermuda, 27 May, 1999: The Directors of Bermuda Containers Line Ltd. at a board meeting held this morning, approved the 1998 Financial Statements for presentation to shareholder's at the annual general meeting to be held on 29th June 1999.
For the fiscal year ended December 31st 1998 Bermuda Container Liner had net earnings of $2,419,000, a $972,000, or 67%, increase over the net earnings of $1,447,000 for 1997. The improvement in net earnings was due to both increased operating earnings and a reduction in the amount reserved for Salem move costs.
Earnings from operations amounted to$2,769,000 in 1998 compared to $2,162,000 in 1997 while the provision for relocation costs in 1998 was $350,000 compared to $715,000 in 1997. The improved operating earnings was primarily due to healthy growth in cargo volume and freight revenue; volume was up 10% in 1998 compared to 1997 while freight revenue grew at 8.5%.