Bermuda-registered Sea Containers Ltd. has reported net earnings for the first quarter to March 31 rose more than 100 percent to $3.8 million or four cents per common share on revenues of $262.1 million (1997: $248 million.).

Sea Containers is a marine container lessor, passenger ferry and train transport operator and hotels owner.

Passenger transport operating profits rose a staggering 627 percent to $6.2 million from $900,000, while hotel profits declined seven percent from $9.8 million to $9.1 million.

Operating profits from marine and land intermodal container leasing rose six percent to $16.9 million, from $16 million in the first quarter the year before. Finance costs were up 13 percent to $27.5 million.

Sea Containers president James B. Sherwood described container leasing results as encouraging because for the first time since the first quarter of 1996, the company has registered a meaningful improvement in the quarterly comparison, year-over-year.

Container utilisation remains firm at 86 percent and lease rate erosion has slowed.

The GE SeaCo joint venture became operational May 1 and should significantly benefit container earnings for the rest of the year.

The improvement in passenger transport operating profits occurred across the board. Ferries, ports and cargo ships registered a million dollar gain while rail was up $4.3 million.

Despite the modest $700,000-reduction in profits from hotels, if 1997 first quarter earnings from the Lodge at Vail are excluded, the division would have reported a $1.3-million increase.

The Lodge at Vail was sold in October. Its profits are made almost entirely in the first quarter, the ski season, and losses are generally incurred in the other quarters.

The annual meeting of shareholders is scheduled for the 21 Club in New York City on June 2.

BUSINESS BUC