Sea Containers Ltd predictedits first quarter fiscal 1987 net earnings would improve by 10
mln dlrs over the same period a year ago.
    The company said 1987 got off on a much better footing than
fiscal 1986, from which the company recorded a loss of 67.6 mln
dlrs, or 6.28 dlrs per share, on revenues of 641.4 mln dlrs.
    James Sherwood, president of the company, said he expects
to record a loss of approximately 12 mln dlrs for the first
quarter, compared to losses of approximately 22 mln dlrs for
first quarter fiscal 1986.
    The company emphasized the first quarter is a traditionally
slow period for the ferry industry, which is  part of Sea
Containers' business.
    Sherwoood said the company's losses were largely
attributable to non-recurring events and provisions. He cited
the default of 15 container leasees and ship charterers,
costing the company approximately 25 mln dlrs.
    He also cited a 23 mln dlr cost as a result of a closing
two of its subsidiary's ferry services, and a 10.3 mln dlr
provision to cover losses on the sale of container assets and
severance pay costs.
 Reuter
