December 31 of $42 million, a 37.3 percent improvement over the year before, as net earnings per common share rose from $1.20 to $2.07.

There was an increase in total revenue from $871.7 million in 1996 to $1.16 billion in 1997.

And for the first time, profits from passenger transport and leisure combined surpassed those from container leasing.

The company's earnings are affected by seasonality factors, with the second and third quarters being the primary earnings period and the fourth and first quarters being secondary.

Results for the fourth quarter included net earnings of $6.9 million, down from $7.9 million the year before, as revenue was $316.2 million, an improvement over $289.9 million in 1996.

President James B. Sherwood said that earnings on common shares had risen 73 percent, despite lower profits from container leasing.

Sea Containers and GE Capital reached agreement earlier this month to form GE SeaCo SRL, a Barbados Society with Restricted Liability, to operate the existing marine container fleets of Sea Containers, and Genstar (a GE Capital subsidiary) and purchase additional containers on its own behalf.