Bermuda shipping company Bermuda Container Line has increased its profits by a third so far this year and shown its highest profit margin in ten years.

The company, which runs the Oleander , made nearly $1.5 million in the first six months of 1999, compared to $1,091,150 in the same period in 1998.

The company, which is quoted on the Bermuda Stock Exchange, yesterday, published its interim unaudited report which showed the company had a turnover of nearly $13 million, an increase of nearly a million dollars on the same period last year.

The net earnings saw an increase of $355,140, a 32.5 percent hike from 1998.

While revenue has grown $950,000, or 8 percent, expenses have been kept relatively down at $595,000 or 5.5 percent.

Bermuda Container Line Ltd. attributes the growth in turnover and profits to more cargo being transported into the Island.

A spokesman for the company said: "The healthy growth in both revenue and net earnings is due to significant cargo volume growth for both BCL and Somers Isles Shipping Ltd. services and this is due to increased import volumes into the Island of Bermuda. This is the third year in a row that imports to Bermuda have increased at a substantial rate.'' The net earnings per share are 48 cents compared to 36 cents at the same time last year. The dividends per share have increased one cent in the year to 14 cents.

BCL president Geoffrey Frith, who also runs Container Shipping Management (CSM), Bermuda agents for BCL and Somers Isles Shipping Ltd, said he believes that the profits seen in the first half of the year will continue throughout 1999, but as construction projects wind down, it will affect their volume of shipping contracts.

"The reason for the profits is the substantial increase in the volume of cargo which has grown for the last couple of years. We have had an excellent start to this year and in the first six months our volume has increased. This is mainly due to the substantial increase of building in Bermuda.

"Most building materials have to be shipped in and we have done well. So far in the rest of the year - or the third quarter -we have also being doing well.

But we anticipate there will be a reduction as the buildings near completion.

"We expect it to tail off but hope the year will end with good profits.'' BCL not only owns ships for shipping but also processes goods on and off the vessel. During the first half of 1999 the directors of BCL decided to replace the company's reefer fleet containers.

It has now completed the purchase of 120 containers, which are now in use by the business.

BUSINESS BUC