Ltd. in third quarter results released yesterday.

Net income for the quarter ended September 30 2000 was $54.7 million, excluding a $28 million gain from the sale of shares by its Orient-Express Hotels Ltd. subsidiary in August.

Earnings per common share diluted were $2.89 for the quarter, or $4.37 if the gain on sale of shares is included. Revenue for the quarter was $426 million, up $30 million from the year earlier period. For the nine months net income excluding the gain on sale of shares was $60.7 million, or $88.7 million if that gain is included.

Diluted earnings per common share were $3.24 excluding the gain on sale of shares or $4.71 per common share if the gain is included. Revenue was $1.1 billion, up $46 million from the year earlier period.

The company recorded its net income this way because of an instruction from the Securities and Exchange Commission (SEC). The SEC said that gains on sales of shares by a subsidiary which may be spun-off are to be credited direct to the capital account and not passed through the profit and loss account.

James B. Sherwood, president, said that results for the quarter from leisure and rail operations had been excellent but ferries had earnings lower than expected due to special circumstances, while marine container leasing results were less than had been anticipated due to weak demand in the Far East.

BUSINESS BUC