BRIEFS

BRIEFS

TRUCKS

CALIBER SYSTEM REPORTS

INCOME OF $60.5 MILLION

MEMPHIS - FDX Corp. said Caliber System Inc., its new subsidiary, reported fourth-quarter 1997 net income of $60.5 million, or $1.54 a share, on revenue of $794.7 million.

Caliber reported a loss of $173.0 million in the fourth quarter of 1996 on revenue of $892.9 million.

Federal Express Corp. announced its acquisition of Caliber last year and formed a new holding company, FDX Corp., which controls Caliber and FedEx.

The 1996 Caliber earnings included a $225 million charge resulting from the downsizing of Viking Freight, a trucking company.

Viking had fourth-quarter operating income of $7.3 million, compared with a $51.4 million fourth-quarter 1996 loss, as revenue slipped from $300.4 million to $108.2 million.

Caliber's RPS package unit had virtually unchanged operating income of $50.6 million on a 15 percent revenue boost to $515.5 million in the fourth quarter of 1997.

Full-year 1997 results for Caliber showed net income of $57.3 million, or $1.46 a share, compared with a loss of $165.1 million last year.

Revenue was $2.6 billion last year, down 4 percent.

PLANES

CANADIAN AIRLINES

NARROWS QUARTERLY LOSS

CALGARY - Canadian Airlines Corp. reported a much narrower fourth-quarter loss and its first annual profit in a decade.

Canadian, which in late 1996 had been on the brink of financial ruin, said it had a fourth-quarter net loss of 33.8 million Canadian dollars (US$23.6 million), much narrower than its loss of C$138.1 million a share in the same period of 1996.

Revenue jumped to C$720.4 million from C$656.2 million.

Canadian also reported its first annual profit since its incorporation in 1988.

Earnings for the year were C$5.4 million, compared with a loss of C$187.1 million in 1996.

1997 revenue dipped to C$3.08 billion from C$3.1 billion the previous year.

Kevin Benson, president and chief executive, said the carrier met the targets it set for 1997 - the first year of a four-year operational restructuring plan that includes a route realignment, wage concessions from employees and tax breaks from the Canadian and Alberta governments.

SWISSAIR TURNS AROUND

WITH $223 MILLION PROFIT

ZURICH - The parent company of Switzerland's national air carrier Swissair said Thursday it turned a profit in 1997 after losing money in the previous year.

Swissair Group, which also owns hotels, catering operations and other businesses, said its net profit last year was 324 million Swiss francs ($223 million). In 1996, it lost 497 million francs.

POLAND WANTS TO OFFER

GREATER STAKE IN LOT

WARSAW - Poland's government wants to amend its privatization law to offer investors more than 50 percent of the state-owned LOT airline, the Treasury Ministry said Thursday.

Under current law, the biggest investor can get no more than 49 percent of the carrier's shares. The government hopes to make LOT more attractive by offering a controlling interest of more than 50 percent to a single investor.

It has not yet decided how large the offered share would be, the ministry said.