million, compared to a net loss for the same period last year of $7.9 million.

This translates to $0.05 per common share diluted for 2001 and a loss of $0.43 per common share diluted for 2000.

The company said this year's first quarter benefitted from gains on sales of $15 million, for the port of Heysham, compared to gains of $3.2 million for 2000.

Operating profits were also up for the period to $32 million, compared with $21.6 million in the same period in 2000.

The company reported: "The first quarter is the lowest earnings period of the year with passenger transport operations at low ebb, container returns generally in excess of container lease outs and northern hemisphere properties having to rely largely on business travellers rather than tourists.'' In the company's passenger transport operations, English Channel business was $0.3 million up on last year, Irish Sea business was $1.6 million up and New York business was $0.2 million up. Rail travel was up $0.8 million, ship chartering $0.7 million up and ports $0.2 million down.