ORIENT OVERSEAS PROFIT DROPS

ORIENT OVERSEAS PROFIT DROPS

   Orient Overseas (International) Ltd., whose main subsidiary is Orient
Overseas Container Line, reported after-tax profit last year of $200,000,
down from $24.2 million in 1997.
   The results includes exceptional gains of $29.5 million in 1998 and
$23.2 million in 1997. Revenue fell 3.3 percent to $1.83 billion.
   C.C. Tung, the Hong Kong-based company’s chairman, blamed overcapacity,
the Asian financial crisis and weak freight rate and volume.
   He said Orient Overseas does not expect full recovery this year, but
does look for improvement during the second half.