ICG Operating Profits Fall
Published on Aug 28 2014 1:02 PM in General Industry
Irish Continental Group, the owner of Irish Ferries, saw its operating profits fall in the first half of the year, but recorded higher revenues.
First half profits fell to €5.2 million from €6.4 million for the same period in 2013, despite the fact that the group has seen an increase in passenger and freight numbers. For the eight weeks to 23 August passengers were up 9 per cent and cars were up 12 per cent. Roll on Roll off freight volumes were up 25 per cent. However, profits were affected by a rise in fuel costs for the group, which increased by 10.5 per cent to €26.4 million for the first half of the year.
Revenue at the group increased by 8 per cent to €130.7 million compared €120.9 million for the first six months of last year. This was mainly attributable to the introduction of its new ferry Epsilon.
Commenting on the figures, ICG chairman John B. McGuickan said, "the introduction of the new RoRo ship Epsilon on the Dublin-Holyhead and Dublin-Cherbourg routes has allowed us to grow both our freight and tourism businesses substantially during the year to date."