Shannon ferry group goes into the red
A FERRY group co-owned by two of the Mangan brothers, who received €45 million from the sale of their wholesale retail business, went into the red last year.
According to accounts recently filed with the Companies Office, ShannonFerry Group Ltd recorded a pretax loss of €110,571 in the 12 months to the end of December last year following a pretax profit of €427,535 in 2010.
The group – which connects Tarbert in Co Kerry to Killimer in Co Clare by ferry across the Shannon estuary – is co-owned by Terence Mangan and Gabriel Mangan.
The two, with a third brother, Leo, received €45 million from BWG for Ennis-based Mangan Bros wholesale group in 2008.
Both have an 8 per cent share in ShannonFerry Group. The largest shareholder is Kilrush-based Glynn Marine Investments, which controls 36 per cent of the shares.
The return shows the firm’s revenue declined last year by 9.7 per cent, from €3 million to €2.7 million, compared with the previous year. The firm’s direct operational expenses increased from €1.8 million to €2 million, resulting in its profit after direct operational expenses declining from €1.1 million to €755,419.
Higher “other operating expenses” contributed to the firm’s operating profit last year declining by 60 per cent from €818,899 to €324,149. The filings show a €500,388 impairment on investments contributed to the group recording a loss of €110,571.
Despite the loss, the firm paid €406,637 in dividends, which followed a dividend payout of €549,660 in 2010.
The figures show the firm had €8.9 million in accumulated profits, with shareholder funds standing at €10.6 million.
A spokesman for the company declined to comment.