Tunnel owners face €5m loss

The operator of the tolled €810 million Limerick tunnel recorded a €5m pre-tax loss in its first full year of operation last year.

Figures show DirectRoute (Limerick) Ltd recorded the loss despite receiving compensation payments last year totalling €4.45m from the National Roads Authority (NRA) for the lower than anticipated traffic volumes using the tunnel.

19,400 motorists per day were projected to use the tunnel. However, the NRA confirmed yesterday that only 14,400 motorists a day used the tunnel last year with the shortfall triggering the €4.45m Traffic Guarantee Payments from the authority in 2011.