Overseas Partners net income drops off with loss of UPS business

Overseas Partners Ltd., which has been badly affected by a US Tax Court ruling last year against its biggest client, UPS, has reported reduced earnings in 1999. The company reported net income of $232.8 million or $1.85 per share for the 12 months ended December 31, 1999, compared with $232.8 million or $1.85 per share in 1998.