National Toll Roads (NTR), which operates the two toll bridges in Dublin, increased its pre-tax profits by 23 per cent to £13.9 million (€17.7 million) last year.
Favourable economic conditions resulted in a significant increase in traffic volumes on the West-Link of 26.3 per cent. Around 21 million vehicles used the bridge with volumes boosted by the ongoing growth in suburban traffic along the M50 corridor and the opening of the Liffey Valley Shopping Centre in October.
Traffic growth at the East-Link increased marginally by 2 per cent to 7.3 million vehicles.
However, NTR said emerging capacity constraints at the WestLink bridge highlighted the need for a second bridge at that location, adjacent and parallel to the current bridge.
During the year, it made significant progress, in conjunction with the National Roads Authority, in planning and designing this project.
"Our proposals in this regard are currently subject to ongoing discussions with the authority," NTR chairman, Mr Richard Hooper said.
The company also said that, given the traffic congestion now being experienced on many aspects of the M50, it did not expect significant increases in traffic through the toll plaza. The increases will be confined to offpeak periods, restricting further growth, it said. However, NTR is continuing to actively examine potential investment opportunities in additional toll facilities and other projects, including private/ public partnership projects.
The company reported total income of £23.2 million, an increase of 26.5 per cent on 1997 while earnings per share increased to 57.2 pence from 42.6 pence.
NTR's licence fee arrangement with the Department of the Environment - whereby it pays a licence fee once traffic levels across the West-Link reach a certain level - meant it paid £4.6 million to the State in fees, an increase of 91 per cent on the £2.4 million paid in 1997, the first year the arrangement became operational. NTR's shareholders will receive £9.5 million in dividends, an increase of nearly 43 per cent on 1997 levels.
