ICG operating profit falls despite increase in passenger numbers

Irish Ferries owner said fuel costs rose by €2.5 million to €26.4 million in first-half

Irish Ferries owner Irish Continental Group recorded higher revenues but lower operating profits in the first half of the year.  Photo: Eric Luke/The Irish Times

Irish Ferries owner Irish Continental Group recorded higher revenues but lower operating profits in the first half of the year. Photo: Eric Luke/The Irish Times

 

Irish Ferries owner Irish Continental Group recorded higher revenues but lower operating profits in the first half of the year, despite an increase in passenger and freight numbers.

Revenue at Irish Continental Group rose by more than 8 per cent in the first six months of 2014, facilitated by the introduction of the new vessel Epsilon.

Revenue rose to €130.7 million in the period, compared with €120.9 million during the first half of last year

However, first half operating profit was lower at €5.2 million, compared with €6.4 million in 2013. Group fuel costs rose by €2.5 million (10.5 per cent) to €26.4 million in the first-half of 2014.

Earnings before interest, tax, depreciation and amortisation fell to €14 million compared with €15.8 million in the same period in 2013.

In the 8 weeks from 1 July 2014 to 23 August 2014 total passengers carried were up 9 per cent, while cars carried were up 12 per cent. Roll on Roll off (RoRo) freight volumes remained strong, up 25 per cent during the 8 weeks.

In the year to August 23rd, Irish Ferries carried 1,140,200 passengers, up 4 per cent, while the number of cars carried rose 8 per cent to 255,700 compared with the same period last year.

‘‘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,” ICG chairman John B. McGuckian said.

The board declared an interim dividend of 3.465 cent per share payable on October 3rd.