IRISH Continental Group (ICG), operating between Ireland, the UK and the continent, has posted a 6.7 per cent third quarter operating profit increase to EUR23.8 million (US$29.8 million), drawn on revenues of EUR93.4 million, up 10.3 per cent.
The company said summer trading was encouraging across most business areas, with volume and revenue growth in the passenger, car and roll on-roll off partly offset by weaker container volumes.
In the 20 weeks from July 1 to November 15, box volumes were down four per cent to 105,000 TEU, due to lower feeder traffic, reported Dublin's Business & Leadership.
Cumulatively, in the 46 weeks to November 15, container volumes fell one per cent to 247,700 TEU, while units handled at the group's port terminals in Dublin and Belfast rose by six per cent to 165,700 TEU year on year.
Operating profit for the nine months to the end of September was EUR29 million compared with EUR28.7 million in the same period last year on revenue growth of nine per cent to EUR224.1 million.
With regards to the low sulphur directive that will come into force on January 1, the main impact will be to require vessels in the fleet of its container shipping division, Eucon, to burn 0.1 per cent sulphur fuel while in the English Channel.
The group said that as 0.1 per cent sulphur fuel is considerably more expensive than fuel with one per cent sulphur content, the additional costs must be borne by the end user.
WORLD SHIPPING
20 November 2014 - 21:46
Irish Continental pre-tax profit up 6.7pc in Q3 to US$29.8 million
IRISH Continental Group (ICG), operating between Ireland, the UK and the continent, has posted a 6.7 per cent third quarter operating profit increase to EUR23.8 million (US$29.8 million), drawn on revenues of EUR93.4 million, up 10.3 per cent.
WORLD SHIPPING
20 November 2014 - 21:46
Irish Continental pre-tax profit up 6.7pc in Q3 to US$29.8 million
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