€4m profits for SIAC

THE road building and civil engineering firm SIAC has reported flat profits of €4 million for 2003.

Accounts just filed at the Companies Registration Office show a profits decrease of just €16,000 on the previous year, despite a 17% dip in turnover to €178m.

The reduction in turnover was attributed to the completion of three civil engineering contracts for the M1 motorway midway through last year.

“Since then the construction of the first public private partnership toll road project from Kilcock to Kinnegad has commenced. This contract will generate significant activity in the short to medium term. The outlook for all our operations is positive,” chairman Conleth Feighery said in the accounts.

SIAC won the 35km toll road project as part of a consortium with Spanish firm Cintra. The company will operate the toll for 30 years.

But it said that it was concerned about the high costs it was assuming as part of the project.

“In our view a viable sustainable PPP industry will not develop in Ireland unless the bid costs are reduced substantially.”

The company paid out a dividend of 1m to its shareholders, a 10% increase. The company is owned by the Feighery family and a number of private investors.

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