THE FRENCH-owned company that operates the barrier-free tolling system on the M50 moved into the black last year, turning a profit of €1.65 million.
This compared with a loss of €3.6 million in 2009.
In accounts filed recently with the Companies Office, BetEire Flow directors said they had anticipated losses in the early years due to the cost of introducing the “radical” free-flow tolling system into Ireland.
They expressed confidence that future periods will remain profitable.
BetEire began trading in July 2007 and free-flow tolling was introduced on Dublin’s orbital route in August 2008.
The volume of traffic using the M50 barrier-free toll increased steadily during 2010 as the public became more familiar with the new method of tolling and the upgrade of the ringroad was completed, it said.
However, the accounts show a dip in turnover from €25.6 million in 2009 to about €22.6 million last year. The cost of sales and administrative expenses fell significantly though, resulting in an operating profit of €1.8 million. The average number of employees grew from 85 to 97, with payroll costs rising from €3.3 million to €4.1 million.
As in its previous set of accounts, the company noted it had received notice in November 2009 that a legal action may be taken against it in respect of an alleged breach of contract. The directors still expect the action will be successfully defended if it does arise. BetEire Flow is owned by French toll operator Sanef.