Dock company Stevedoring Services saw a drop in profits for the first six months of the financial year.

In an interim six-monthly report issued to the Bermuda Stock Exchange, the company said net profit for the period ending September 30 was $506,718, down from $638,849 in the same period last year.

And the company, predicting a decrease in cargo flow during the coming months, said it had been granted a rate increase from January 1.

Stevedoring Services operates the Island's commercial docks, and oversees the unloading and loading of cargo from various vessels, to and from distributers.

In the report, president Bruce Lines said the rate increase would ensure net profits remained "at an acceptable level".

Revenue for the period was slightly up, from $4,574,212 in 2000 to $4,682,211, but expenses rose from $3,935,363 to $4,175,493. Income per share dropped from 51 cents last year to 41 cents this year.