SHARES IN Irish Continental Group (ICG) dipped slightly yesterday in spite of the ferry company informing the market that its operating profit rose by 12 per cent in the three months to the end of September.
ICG’s operating profit for its third quarter was €19 million, compared with €17 million a year earlier. This was a good result given that the second half of the year is traditionally the busiest period for the ferry company.
For the nine months to the end of September, the operating profit was €27.8 million, up from €24.1 million.
While ICG achieved double-digit growth in profits, its revenues treaded water. Turnover in the three months to the end of September was flat at €81.2 million and grew by just 1.5 per cent in the nine months to €203.6 million.
In the period between July and October, ICG said passenger volumes rose by 5.9 per cent but its roll-on, roll-off business was weak, down 10.1 per cent.
In the year to date, passenger numbers were up 8.9 per cent at 1.37 million, but car traffic was down 1 per cent at 326,300 vehicles.
The company continues to lower its net debt, reducing it to €13.8 million at the end of September. This is roughly half the level of debt it held at the end of June.
ICG said the economic backdrop “remains challenging” in light of the impending fiscal adjustments in Ireland and the UK. “Nevertheless, we have carefully managed our cost base and our operational capacity to continue to be able to compete profitably in this environment,” the company said.
The ferry group’s share price closed down in Dublin yesterday by 0.6 per cent at €15.20.
