reported yesterday first quarter losses of $5.8 million, or 88 cents per share, compared to a year earlier.

The Bermuda-registered company lost $3.2 million or 71 cents per share in first quarter 1994.

Revenues were $98 million and $92.4 million respectively.

"Overall, the company performed in line with expectations in the first quarter 1995.

"This period is traditionally loss making due to the seasonality of the ferries and leisure businesses,'' president Mr. James Sherwood said.

Despite a $4.8 million improvement in profits at the pre-interest level, interest expense was $7.1 million greater in first quarter 1995 compared to a year earlier, wiping out this improvement, the company said.

The container division improved operating profits to $19.8 million from $16.2 million while the ferries and ports division reported a loss of $4.5 million compared to a loss of $7.2 million a year earlier.

Leisure division first quarter operating profits were $1.6 million compared to $3.5 million.

The company acquired $19 of new containers in the first quarter.

A letter of intent has been signed with a group of institutional investors headed by CINVen Ltd. to acquire the company's Wightlink ferry unit, said Mr.

Sherwood.

The price was within the company's previously announced target range and will be disclosed on completion of the transaction, expected May 1, said Mr.

Sherwood.

Assuming the sale is completed, Sea Containers will report a substantial gain from the move in second quarter.

The interest saving in this year's third quarter will be less than Wightlink earnings, due to be reported in third quarter.

However, the company has plans for investment in other ferry activities, which, if implemented, should enable lost Wightlink earnings to be replaced in 1996.

The company earlier announced it was considering the sale of one of its hotel units as well.

A number of offers have been received for the property and negotiations are continuing, said Mr. Sherwood.

Assets at March 31, 1995 were up slightly to $1.706 billion compared to $1.689 billion a year earlier.