Sea Containers Fourth-Quarter Results Fall From Year Ago

Sea Containers posted a fourth-quarter loss, reversing the profit in the year-ago period, and the company cited higher fuel costs and a slowing economy as the main factors for the decline.

The company, which is involved with passenger transportation, hotel ownership and management and the leasing of cargo containers, said it lost $15.8 million, or 85 cents a share, for the quarter. In the year-ago period the company earned $8 million, or 43 cents a share.

Revenue for the quarter sank to $319 million from $331 million in the same period last year.

The company said its fuel bill grew by $19.6 million in the year, with very little of the increase recoverable from passengers since tariffs were committed before the year started. Sea Containers expects lower fuel prices, the restoration of the U.K.'s rail network and the elimination of three unprofitable ferry routes to help results in 2001.

Shares of Sea Containers, which is based in Hamilton, Bermuda, lost 87 cents, or 4.4%, to $19.03 in recent New York Stock Exchange trading.