Orient Overseas net falls 77pc

Orient Overseas (International) reported a 77.7 per cent drop in attributable profit to about US$23.7 million last year from $106.2 million in 1996. Earnings per share slid to 3.6 cents from 21 cents. Turnover rose slightly by $13.7 million to $1.9 billion. The company said the results were disappointing although a drop in profit had been anticipated. It said the recent Asian financial turmoil had affected trade throughout the region and reduced cargo volumes.