its second quarter, the company reported this week.

Bermuda-based Norex America -- formerly Bermuda Star Line -- reported reported a $540,000 profit or nine cents per share for the quarter ended December 31, 1994 compared to $5.73 million or 94 cents per share a year earlier.

Revenues for the quarter were $1.5 million compared to $7.9 million a year earlier.

For the half-year, the company, which owns securities issued by companies in oil, gas, and maritime industries, said profits were $4.56 million or 75 cents per share compared to $8.56 million or $1.40 per share, according to Bloomberg Business News.

Revenues for the six months were $3.65 million compared to $11.75 million for the six months ended December 31, 1993.

During the second quarter the company agreed to accept prepayment of certain senior notes which were acquired in May, 1993.

The prepayment of $73.7 million represented payment of $50 million senior secured note in its entirety and $17.63 million of a $32.63 million senior convertible note, together they, with related accrued interest and prepayment premium of about $6.07 million.

In September 1994, Norex received about $18.26 million when it accepted prepayment of the remaining $15 million of the senior convertible note, together with accrued interest and prepayment premium of about $3.26 million.

In January, Norex joined a refinancing agreement between Vard AS and some of its lenders.

Under the agreement Norex provided $20 million of the $62 million refinancing package. The loan $20 million carries a 14.5 interest rate and matures at the end of one year with options for prepayment.

Vard, a publicly traded Norwegian holding company, has provided a certain interest in the common stock of its wholly-owned subsidiary Kloster Cruise Ltd., as security for the $62 million package.

Kloster operates nine vessels in its two cruise lines, the Norwegian Cruise Line and Royal Cruise Line. NCL's Dreamward sails to Bermuda.