Ferry operator Irish Continental Group (ICG) said today its pre-tax profit for last year fell by 30 per cent to €28.2 million on the back of higher fuel costs.
Despite the tough trading conditions, the company said it revenue for 2011 rose by 4.2 per cent to €273.3 million.
The group saw its passenger numbers for the year fall marginally by 0.7 per cent to 1,527 million, while its roll-on roll-off freight rose up by 9 per cent.
The company said the extremely challenging economic circumstances in the Republic contributed to the lack of growth in the market, and the pressure on operating costs for our freight customers remained intense.
Chairman John B McGuckian predited the current year would remain challenging as fuel costs have further increased but with the group's "disciplined approach to capacity" he said he was confident of its prospects.
In the year to date, the group’s ferries division has carried 31,100 cars, down 8.5 per cent on 2011 and 138,600 passengers, up 0.8 per cent on 2011.
The reduction in car carryings partially reflects an 11 per cent reduction in sailings in the year to date but also a quieter than expected start to the year, it said.