Irish Ferries sees rise in first-half profits

Irish Ferries sees rise in first-half profits

Irish Ferries saw a rise in first half profits on the back of a marginal increase in carryings between Ireland, the UK and the Continent.

Parent company Irish Continental Group today reported a 0.3% increase in passengers carried to 678,400.

Car carryings were down in the six months to June 30 by 4.2% to 142,500, but at higher yields.

Irish Ferries operated 2,119 sailings, up 1.5% on the same period in 2012.

Profit from operations increased to €4 million from €3.2 million, with a 7% reduction in fuel costs to €17.2 million, partially offset by higher drydock costs incurred on one of the vessels in the fleet. Revenue in the division was almost static at €69.4 million.

Irish Continental reported an overall 10.5% drop in half year pre-tax profits to €3.3 million.

Chairman John McGuckian said: “This was a positive half years trading with increases in revenue and operating profit driven mainly by higher freight carryings and lower fuel costs, partially offset by weaker passenger markets.

“Summer trading has been encouraging across most business areas, with volume growth in passenger and freight offset by weaker sterling, which affects tourism yields.''

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