Hearing costs see port profits fall

AN ORAL hearing into Port of Cork plans to build a €226 million container terminal in the lower harbour cost the company almost €1.4m last year – resulting in a plunge in pre-tax profits.

The Port of Cork Company saw its pre-tax profits fall from €6.4m in 2007 to €4.1m last year.

Its accounts note an “exceptional item” of €1.37m which the company said was the write-off costs of the oral hearing into the Oyster Bank proposed development.