In summarizing his company's results, Mr. Flemming R. "We have achieved much. We came from a difficult past and we are on the right track to return to full health, but we are not there yet. We would have preferred a little more time to consolidate all we have achieved and are achieving before having to deal with a severe downturn in the economic environment like this one. "2001 is proving a tough year -- and, while this result is disappointing, we have to remember where we started from and accept that sustained profitability is not achieved magically overnight," Jacobs said. The Group recorded serious losses in 1997-98 when the Asian crisis hit just as it had purchased the American liner business, APL.