M3 drives €309,000 weekly profit
A JUMP of 8pc in daily traffic volumes on one of the most controversial road schemes ever built in the country resulted in its operators generating over €309,000 a week in operating profits last year.
New figures show that the M3 Motorway recorded €16m in operating profits for private operator Eurolink Motorway Operation (M3) Ltd last year.
Revenues increased by 3pc to €22.7m as average daily traffic volumes increased by 8pc.
The 51km M3, which runs from Clonee to north of Kells, was built at a cost of almost €1bn. It was the largest infrastructure scheme delivered through a Public Private Partnership (PPP) at the time. It was the subject of a series of protests as it runs near the ancient Hill of Tara, and bypasses Dunshaughlin, Navan and Kells.
The figures show pre-tax profits increased by 7pc from €7.16m to €7.67m. The significant difference between operating and pre-tax profits arose from the firm paying €8.3m in bank interest payments.