Irish ferry operator Irish Continental Group today reported a higher first-half loss and said it expected profits for the year to be below those of 2000 due to the foot-and-mouth crisis.
The group reported a pre-tax loss of euro 7.2 million in the six months to April 30th, versus a loss of euro 4.7 millionin the same period of last year, on turnover of euro 124.3 million.
Shares in the company fell on the news - at 9 a.m. the stock was down 3.51 per cent in Dublin at euro 5.50 and 2.86 per cent in London £3.40.
Passenger numbers in the half year fell 9.3 per cent to 551,000 as foot-and-mouth disease had an impact in the latter two months of the period, ICG said in a statement.
The company said it believed a recovery was now under way but that the effects of foot-and-mouth would mean profits for 2001 would be lower than 2000.
ICG also called for changes in Ireland's maritime tax regime, arguing the tonnage tax operated by some other European Union countries effectively represent zero corporate tax .
"We will not be able to continue to fly the Irish flag indefinitely if our tax regime is moreonerous than that of our competitors, who are free to trade in Irish ports while enjoying the benefits of other countries' tonnage tax regimes," it said.