revenue of $248 million for the first quarter ended March 31, compared to breaking even on revenue of $106 million in the same period last year.

The company's common shares had a net loss of 13 cents after payment of preferred share dividends, compared to a loss of 34 cents per share registered in the first quarter 1996.

"The company's ferries incur losses in the first quarter when passenger travel is at its lowest ebb and many ships are out of service for refit,'' a press release stated. "It is also the low period for European hotels and tourist trains.'' President James Sherwood said the results were in line with the company's forecast for a doubling of earnings on common shares for the year to $2.40 a share.

He said the company's container division results still lagged due to lower use and lease rates during the quarter compared to last year. The ferry, rail and port division had a profit of $900,000 for the quarter compared to an operating loss of $4.6 million in the same period last year.

"This swing was due in part to profits from rail operations... plus lower winter losses from its Scottish and Scandinavian ferry services,'' the release stated.

The leisure division operating profits jumped 165 percent to $9.8 million from $3.7 million in the first quarter of 1995. The jump was attributed to the additional rooms available at its Cape Town hotel, the acquisition of a hotel in St. Martin and Madeira and the completion of renovations at the Copacabana Palace property. The company also purchased a French hotel in April. It is in negotiations to purchase other hotels, the release stated.

Sea Containers is a container lessor, passenger transport operator and hotels company.

BUSINESS BUC