ICG records profit, warns of price rises

Irish Continental Group (ICG) saw first-half profits rise to E166 million despite a rise in fuel costs.

This compares with first-half profits of E163.2 million for the same period in 2007.

Pre-tax profits totalled E17.5 million versus a loss of E1 million. Revenue rose 1.8 per cent to 166.1 million.

The ferry operator said this morning that net income for the first six months of the fiscal year were E16.5 million or 67.1 cents a basic share, compared with a loss of E1.6 million, or 6.8 cents, a year earlier.

The group said that it is facing rising costs this year due to soaring oil prices and warned that it is "inevitable that" prices for both passenger travel and freight will rise.

ICG also said that Irish Ferries will be actively reviewing the schedule of the Jonathan Swift fast ferry with a view to reducing frequency in the less busy winter season and thereby conserving fuel.

Passenger numbers for the group fell by 1.2 per cent during the six month period to 681,000, while car numbers declined 2.3 per cent.

Roll-on roll-off freight volumes fell 3 per cent.

Pembroke - Rosslare

1 x Foot Passenger(s) Return

Travelling on: 21/07/2012 - 23/07/2012

£54

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Pembroke - Rosslare

Car + 2 Return

Travelling on: 05/09/2012 - 18/09/2012

£200

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Pembroke - Rosslare

Car + 4 Return

Travelling on: 05/09/2012 - 18/09/2012

£314

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* Prices are "from prices" and are indicative only

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