Irish Continental reports more losses despite surge in traffic
THE company behind Irish Ferries has reported increased losses despite a surge in freight traffic shipped in and out of Ireland.
Shipping line operator Irish Continental Group (ICG) reported an 18pc increase in so-called roll-on roll-off (RoRo) freight traffic in the 20 weeks to May 17.
Passenger numbers were flat over the same period, though the number of cars travelling on its ferries (left) was up 5pc to 95,000.
In roll-on roll-off freight Irish Ferries carried 87,900 trucks, an increase of 18pc on the same period in 2013.
It reflects increased capacity including a new weekly Dublin to Cherbourg service and growth in the freight market.
In financial terms, revenue in the four-month period was up 5.8pc to €76.7m from €72.5m a year earlier. Costs also rose, up 9pc to €73.8m, reflecting increased services.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was €2.9m compared with €4.8m in the same four month period in 2013.
The operating loss increased to €2.6m from €1.1m. Adding in a net finance charge of €1.7m, the loss before tax was €4.3m.
As well as the new Dublin to Cherbourg service, Irish Ferries added eight new round trips on the Dublin-Holyhead route.