The Port of Cork generated profits of €5.4 million last year, an increase of 6.3 per cent over 2005, with a 5.9 per cent increase in revenues to €23.2 million.

Dermot O' Mahoney, chairman of the Port of Cork Company said the port was a catalyst for economic development within the region, as well as being a generator of economic activity in its own right.

A 2006 report from economic consultants Indecon found that the value of trade at the Port of Cork was at least €13 billion. Mr O'Mahoney said this was achieved by growth in existing trades and the continued attraction of new business, a priority area for the company.

Total cargo in 2006 at the port was 10.3 million tonnes. Container traffic increased by 10.6 per cent.

Since incorporation in 1997, the Port of Cork has invested more than €74 million in port infrastructure. A major challenge now facing the Port of Cork is the provision of infrastructure in response to the pace of growth in port traffic, said Mr O'Mahoney.

RPS Consulting Engineers has prepared plans for a new port facility in Ringaskiddy and has also completed a Masterplan optimising port lands in this area.

The Port of Cork also has a new business plan which provides a structural framework for its development.