Port profits sink to €4.5m

PROFITS at the Port of Cork Company more than halved last year, according to its latest financial accounts.

Pre-tax profits for the year to end December 2004 came in at €4.5 million, down from €9.7m the previous year. The 2003 figure was helped by the exceptional gain of €4.9m from the sale of assets.

At operating level, which gives a more accurate measure of the core business, profits dipped from €4.6m to €4.3m.