Ferry operator Irish Continental doubled pre-tax profits to € 24.1 million as passenger and freight volumes rebounded after the foot and mouth of 2001.
But the group said the outlook for this year is uncertain due to the global political tensions.
Turnover for the year grew 9 per cent to €325.8 million, with the principal growth being in tourism traffic and container movements.
Profit before tax for the year amounted to €24.1 million, compared with €11.7 million the previous year.
The Ferries Division - which includes Irish Ferries, ferry chartering and travel agency - posted profit before interest of €31.2 million, up 28 per cent on 2001.
Overall passenger numbers were unchanged on 2001 at 1.76 million, but car passengers increased by 5 per cent, offsetting an 8 per cent decline in the lower yield foot passengers.
On the Dublin/Holyhead and Rosslare/Pembroke routes, passenger numbers were broadly unchanged at 1.54 million. On the Ireland /France route, passenger numbers were up 6 per cent to 220,000.
The group's website, Irishferries.com, reported an 82 per cent increase in generating substantial savings in distribution costs.