Mid-west port firm nets €182k profit

SHANNON Foynes Port Company – which manages Foynes and Limerick ports – turned a small profit for 2009.

An operating profit, before financing costs, loss on disposal of assets and exceptional items, of €1,956,000, was recorded, down just 7% on 2008, resulting in a post-tax profit of €182,000 for 2009.

Company chairwoman Kay McGuinness said with the port sector experiencing extremely difficult trading conditions, the company’s achievement in staying in profit last year cannot be overstated. Tonnage throughput was down 30%.

“The fact that we managed to remain in profit, against the backdrop of a recessionary economy resulting in the implosion of demand for goods, was a significant achievement and bodes very well for the future,” she said.

“We maintained our position as Ireland’s largest bulk port company in 2009 which illustrates the importance of Shannon Foynes Port Company as a major economic driver for the mid-west region and beyond. The last quarter of 2009 showed a significant upturn for the company and this momentum has been maintained into 2010.”

She said the company continued to make substantial progress in promoting development of shipping-related activity in the wider estuary, including forging close relationships with other state-related development agencies and the establishment of a dedicated website www.shannonestuary.ie

“We recorded a robust financial performance, relative to the recessionary environment,” company chief executive Pat Keating said.

“Despite a tonnage throughput fall of 30%, due to the severe downturn, we managed to limit the fall in turnover to just 12.7%.

Prudent management of costs base, he said, played a significant role in remaining in profit. This sets the company up for further growth in what will be an export led recovery, he said.