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.

The decline in profits came as turnover increased by just under €1m to €19.4m.

The State-owned company says it intends to continue to develop the port, and plans to spend €17m upgrading its facilities.

No dividend was paid to the State from profits, which boosted retained profits to €37.7m upgrading its facilities.

No dividend was paid to the State from profits, which boosted retained profits to €37.7m making the port one of the most valuable public assets.

The number of people employed by the port dropped by one to 102. Staff costs increased from €5.03m to €5.18m, giving an average annual wage of just under €51,000.

The port's staff pension fund saw its deficit rise by 1m to just over €4.4m.

Chief executive Brendan Keating saw his total remuneration package rise from €188,669 to €219,529.

Payments to the twelve directors, which includes Mr Keating's pay, was €461,674.

In late 2004, the Port of Cork Company paid €10m to buy the site occupied the Buckeye Technologies. The site in Ringaskiddy has planning permission for port-related activities.

Traffic through the port, both commercial and passenger, increased strongly last year.