Ireland's largest ferry operator Irish Continental Group said nine-month earnings fell 16 per cent as passenger numbers declined and fuel costs rose.
Operating profit dropped to €37.5 million ($47.2 million) from €44.6 million a year earlier, the company said today in a statement.
Sales declined 1.4 per cent to €265.5 million. The economic environment "remains
challenging",' the ferry operator said.
Irish Continental, which last month announced that it received an approach from investor group Moonduster, said passenger numbers have fallen 5.5 per cent this year. The approach from Moonduster, which also tried to buy the company last year, remains "extremely preliminary", Irish Continental said.
The company has taken steps to reduce costs, which it said "will help to offset the effects of reduced demand".
Bloomberg