Irish Continental in €1.2m loss

IRISH Continental Group (ICG) slipped into the red during the first quarter, recording a pre-tax loss of €1.2 million. It remains uncertain over its financial prospects for 2011 due to rising fuel costs.

The ferry and freight services group — which owns Irish Ferries and freight operators Eucon and Feederlink — said yesterday that revenue amounted to €77.5m for the period from the start of January to the end of April, compared to €75.7m for the corresponding period last year: an increase of 2.4%.

Passenger and freight revenue was also up by 4.5%, although last year’s sale of the previously named Pride of Bilbao vessel to the Cyprian shipping company St Peter Line meant that charter revenue fell by €1.4m, year-on-year.