Irish Continental Group (ICG), the country’s largest ferry company, said first-half operating profit fell 59 percent as the global slump affected passenger numbers.
Operating profit dropped to €7.1 million ($10 million) from €17.3 million as the number of travellers carried dropped 9 per cent, Irish Continental said in a statement today.
“Levels of tourism and trade have been adversely affected by the global downturn,” chairman John McGuckian said in the statement.
“We are well placed both financially and operationally to take advantage of a resumption in economic growth.”
Irish Continental is battling a fall in demand as its two primary markets, Ireland and the UK, remain mired in a recession, prompting customers to cut spending.
At the same time the global economic slump is reducing trade, sapping demand for the company’s freight services.
Net income plunged 70 per cent to €4.9 million.
Bloomberg