Overseas Shipholding Group Reports Increased Earnings

Overseas Shipholding Group, Inc., 1114 Avenue of the Americas, New York, N.Y.

10036, has reported increased net operating income and net income for the three months and six months ended June 30, 1978.

Net operating income in the second quarter rose to $13,472,000, or $1.22 per share, from $11,852,000, or $1.08 per share, in the corresponding 1977 quarter. For the first half of 1978, net operating income was $26,405,000, or $2.40 per share, up from $23,358,000, or $2.13 per share, in the first half of 1977.

Including a gain from the sale of a vessel in 1978 and unrealized results of foreign currency translation, 1978 net income amounted to $14,683,000, or $1.33 per share, in the second quarter and $28,125,000, or $2.56 per share, in the first half, compared with 1977 net income of $11,867,000, or $1.09 per share, in the second quarter and $23,211,000, or $2.12 per share, in the first half.

The 1978 results reflect the accounting for leases prescribed by Financial Accounting Standards Board Statement No. 13, and 1977 results have been adjusted accordingly. The U.S. tax provision for each period is net of applicable investment tax credits resulting from the addition of new vessels to the company's U.S.-flag fleet, three in 1978 and one in 1977. The 1977 per share figures have been adjusted to reflect a 4-percent stock dividend distributed in March 1978.

The major bulk shipping company, which places continuing emphasis on medium- and long-term charters, reported that 92 percent of its operating fleet is chartered through at least the end of 1978.

Other stories from September 1978 issue


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