Irish Continental fall for first half year
Ferry Online Travel News 31/08/2009
The ferry operator reported €119.8m in revenue for the period compared to €166.1m last year.
According to the firm’s report, earnings before interest, tax and depreciation for the first six months of the year were €18.8 million, noting that the period was a “seasonally less profitable first half of the year” than last year, when earnings of €29.5 million were reported for the same period.
Irish Continental’s operating profit fell to €7.1 million, from €17.3m in 2008.
Passenger numbers were down by 8.8 per cent, at 621,000, and the number of cars carried during the first six month totaled 159,000, which was a decline of 5.9 per cent from the first half of 2008.
The company cited subdued consumer sentiment as the reason for the decline in traffic, especially in the UK, which is the operator’s largest passenger market.
John B. McGuckian, the chairman of Irish Continental, said that both tourism and trade have been negatively impacted by the economic downturn, and have been reflected in the company’s revenues.
He noted: “We have been disciplined and resolute in managing our own cost base and our capacity levels to match the current demand environment allowing us to continue to trade profitably and remain highly cash generative.”
McGuckian added: “Looking to the future, we are well placed both financially and operationally to take advantage of a resumption in economic growth.”
← New fares for autumn announced by LD Lines | Index | Shetlander ferry traveler wins student award →