EVERGREEN REPORTS 17% RISE IN 1999 OPERATING INCOME

EVERGREEN REPORTS 17% RISE IN 1999 OPERATING INCOME    Evergreen Marine Corp., the listed arm of Taiwan’s Evergreen group, increased its net operating income by 17 percent in 1999, to NT$3.7 billion (U.S.$121 million), from NT$3.2 billion in the previous year.
   The carrier’s operating revenues were NT$52.7 billion (U.S.$1.7 billion) last year, up by 1 percent in local currency when compared to the 1998 revenues of NT$52.1 billion. Measured in U.S. dollars, revenues increased by a larger percentage.
   Net income for 1999 was NT$933 million (U.S.$30 million), down by 13 percent from the NT$1.1 billion net result for 1998.
   The fall in net income was caused mainly by a lower non-operating income and by a higher tax charge. Gains on disposal of short-term investments dropped to NT$68 million (U.S.$2 million) in 1999, from NT$930 million in 1998.
   In 1999, Evergreen Marine Corp. recorded an income tax charge of NT$77 million (U.S.$2 million) for the year, as compared to a tax credit of NT$321 million in 1998.
   Evergreen Marine Corp. will hold its annual shareholders meeting on June 20 to approve the 1999 results.