Stevedoring Services Ltd, who run loading and unloading services at Hamilton docks, have seen their net earnings plunge nearly 40 percent in the six months ending 30 September 1999.

In a letter to shareholders the President and Chief Executive Officer Michael Lohan of Stevedoring Services Ltd. announced its unaudited results for the six months. According to figures released, revenue for the period was up from $4.29 million in 1998, to $4.53 million this year, a rise of 5.5 percent.

Expenses in the same period grew to $4,082,635 from $3,550,648, a rise of 15 percent.

Net earnings for the period decreased to $454,690 in 1999 from $742,287 in 1998, while net earnings per share stood at $0.37, down from $0.60 in 1998.

The dividends per share remained at $0.20. In a letter to shareholders Mr.

Lohan noted that while cargo and revenue increases experienced in the first six months of this financial year were satisfactory, it was the increases in the need for overtime work and other costs experienced in this period that resulted in a reduction of net earnings.

Mr. Lohan also said there were studies underway that were expected to alleviate unnecessary costs and projections for the balance of the financial year.