The Port of Belfast, Ireland's busiest ferry port, said yesterday it is to spend £106 million (€156 million) upgrading its facilities over the next five years.
The announcement came as the port's owners, the Belfast Harbour Commissioners, reported a 7 per cent increase in profit last year, boosted by a record number of containers passing through the port.
"We are very pleased with the performance of the port last year and are keen to expand on this with further investment," said Joe O'Neill, the group's commercial director. The main feature of the investment programme is the construction of a new ferry terminal aimed at stemming the decline in passenger numbers, he said.
Although the port saw a 6 per cent increase in roll-on-roll-off freight and an 8.6 per cent rise in container volumes in 2004, passenger numbers dropped by 5.3 per cent. The port handled 1.6 million passengers last year as increased competition from low-cost carriers, particularly between Belfast and Scotland, hindered growth.
The new terminal, which is being constructed in conjunction with Stena Line, will cut journey times between Belfast and Stranraer by as much as 25 minutes, according to Mr O'Neill, who added that demand remains high on the port's Belfast to Liverpool passenger route.
As part of the five-year investment programme, the port also plans to build a new 200,000sq ft animal feed store, enhancing its position as Ireland's largest grain and animal feed port, as well as developing a new 40-acre logistics park to increase container capacity.
Pre-tax profit at the port rose to £14.7 million last year, up from £13.8 million in 2003, according to the group's annual report released yesterday. Turnover increased 6 per cent to £28.6 million. About 20 per cent of the port's activity comes from or goes to the Republic, with some goods transported from a special handling facility in Belfast.
Revenue from the group's property division rose to £3.9 million last year, helped by the continued upward trend in rents. Mr O'Neill said the group is seeking to grow the division, which he says will be a "significant" part of the business in the future.
