Ferry operator Irish Continental Group (ICG) today posted a pre-tax profit in the first half of 2002 of €3.3 million compared with a loss of €1.7 million in the same period last year.
Turnover for the half-year grew by 5 per cent to €145.2 million, reflecting the recovery in passenger volumes following the foot-and-mouth crisis in 2001.
But the company said in the second half to date, the tourism market has been weaker than expected and tourist car volumes have not yet returned to the levels of 2000.
ICG said the freight market appears to be reflecting a slowdown in the underlying economy.
The company also announced the closure of two London branches of its Tara Travel subsidiary as a cost-cutting measure.
Bookings on Irish Ferries website, irishferries.com, continue to increase at an "encouraging rate" and now comprise 17 per cent of passenger and car bookings, the company said.
The board has declared an interim dividend of 6.84 cent, an increase of 20 per cent on last year's interim dividend.