Property sale helps port profit rise 168%

The Shannon Foynes Port Company reported a 168% increase in pre-tax profits to €2.96m in 2011 from €1.1m a year earlier, boosted by a once-off €1m property sale.

The company said key performance outputs from 2011 include an 8% increase in cargo throughput to 10.1m tonnes, which comes on top of the 23.5% increase recorded in 2010.

Turnover rose 2.2% to €10.1m, resulting in the operating margin increasing from 25.5% to 28.1%.