Revenue for the period was $4,537,325 versus $4,292,935 in 1998, while expenses grew to $4,082,635 from $3,550,648. Net earnings for the period decreased to $454,690 in 1999 from $742,287 in 1998, while net earnings per share stood at $0.37, down from $0.60 in 1998. The dividends per share remained at $0.20.
In a letter to shareholders Mr. Lohan noted that while cargo and revenue increases experienced in the first six months of this financial year were satisfactory, it was the increases in the need for overtime work and other costs experienced in this period that resulted in a reduction of net earnings.
Mr. Lohan also commented that there are studies underway that are expected to alleviate unnecessary costs and projections for the balance of the financial year.
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For further information, contact Mr. Michael J. Lohan, President & Chief Executive Officer of Stevedoring Services Ltd. at phone 1-441-292-3366, fax 1-441-295-8708.
For more information, contact Christopher Dill at the Bermuda Stock Exchange at phone 1-441-292-7212 or fax 1-441-292-7619. Information is also available at www.bsx.com, on Bloomberg at BSX
The Bermuda Stock Exchange is a fully-electronic offshore securities market founded in 1971. The BSX lists more than 200 securities -- including equities, mutual funds and bonds, as well as depository receipts -- and is recognized by the U.S. SEC as a Designated Offshore Securities Market.