ICG revenues fall 25% in 4 months

REVENUES for the first four months of 2009 at ferry and freight services business, Irish Continental Group (ICG) fell by 25%, on a year-on-year basis, according to the latest trading update from the group, issued yesterday.

In the statement, ICG said that the revenues of €76.2m, for the period, were offset to a degree by a 24% decline (to €68.2m) in operating costs, thanks mainly to lower payroll, fuel and port charges.

Earnings before interest, tax, depreciation and amortisation (EBITDA), for the first four months, amounted to €8m – which was down from €12.2m for the same period last year.