A freight rate increase and a jump in loose cargo helped propel Hamilton Docks operator Stevedoring Services to a $690,742 profit in the first half of 2002, a jump of 37 percent on the same period in 2001.

Stevedoring Services said in a statement that the first half earnings were the equivalent of 55 cents a share. In the six months to September 30, 2001, the company earned $503,870 or 40 cents a share.

"The increase in revenue compared to last year is due to a rate increase approved by The Corporation of Hamilton, effective January 1, 2002, " the company said in a statement.

"The volume of loose cargo has also increased by 9.7 percent over the previous year. Containerised cargo has remained almost constant with a 0.9 percent increase."

The company recorded total revenues of $5,127,593, a rise of 9.5 percent from$4,682,211 in the first half of 2001.

Expenses rose six percent from $4,178,341 to $4,436,851 as a result of wage increases and extra working time needed to handle the additional volume of cargo. "Our forecast is that cargo will continue to arrive at similar levels for the second half of the year, the statement said, adding that the company will maintain its quarterly dividends at the rate of ten cents per share."