Port authority stays afloat thanks to increase in traffic

A MAJOR port company has turned around its finances, keeping the authority very much afloat into the future.

The Port of Waterford Company has reported strong trading results for 2003 with an upturn in traffic through Belview yielding a much improved financial performance.

The annual report for 2003 presented to the company's shareholders and board at its Annual General Meeting records a post-tax profit, the first since incorporation of the semi-State company in 1999.

Total throughput at the port in 2003 amounted to 2.7m tonnes, a 22% increase on the 2002 figure.

Bulk traffic increased by 243,000 tonnes (30%) on the previous year while container traffic volumes increased by 18% with an increasing proportion of this business accounted for by larger 45-ft containers.

Commenting on the port's performance in 2003, Cllr Ben Gavin, chairperson, Port of Waterford Company said that the continued growth in traffic was especially noteworthy against the backdrop of an economic cool-down.

"The achievement of such strong increases in both bulk and lo-lo container traffic is particularly impressive in the context of the country's economic growth slowing during 2003 after the Celtic Tiger era.

"Working towards the corporate plan that will guide the port's development through to 2008, no effort will now be spared to ensure that we achieve financial stability and continue to trade profitably. The disposal of non-core assets will also continue in 2004 as the port's board strives to free up funds.

"We must also continue to identify new income streams and maintain cost competitiveness while meeting our historic pension obligations remains a significant financial burden."

Cllr Gavin also paid tribute to the port's chief executive, Mr Stan McIlvenny and his staff for their work in improving the company's performance.

"The team working at the Port of Waterford deserve great credit for their work on turning around the trading situation and I would also pay tribute to my fellow directors for their input during 2003."

For his part, Alderman Tom Cunningham, Mayor of Waterford and also a director of the Port of Waterford said that the port's economic importance to the city and to the south-east should not be underestimated.

"The port's returns for 2003 are very encouraging and mirror the wider development in the city which can only prompt optimism in our future employment expansion prospects.

The port is one of the key economic drivers for our region and a recent report from PricewaterhouseCoopers highlighted this.

"It found that the port currently supports some 454 jobs locally, almost 780 within the south-east and 1,168 nationally.

When including the local spin-off effects of the facility's direct users, the annual contribution of the port to the local economy rises to a minimum of 47m and to over 1,330 jobs."

The Mayor added, "Waterford City Council continues to support growth and expansion of the port facilities at Belview and I congratulate the staff of the Port of Waterford on delivering this very encouraging performance.

The Council also actively supports and looks forward to the development of the North Quays in the near future."