Adsteam Performance Ahead of Last Year

Tugboat operator Adsteam Marine Ltd. is reportedly performing ahead of the same period in the previous year, but has not yet made a decision on whether to sell its stake in Holyman Ltd. The company posted a net profit after abnormals of $11.1 million in 1998/99, up from $10.9 million on the year. Adsteam, whose $75.3 million takeover offer for shipping and transport group Holyman was recently trumped by a $81.4 million offer from stevedore Lang Corp. Ltd., held around 23 percent of Holyman's ordinary shares and 68.3 percent of its listed options when its bid closed. Adsteam has six new tugs currently under construction, which are due to be completed by June 2000.