Profits at Port of Cork rise by €150k

The Port of Cork has seen its profits before tax rise by more than €150,000 last year driven by an increase in the volume of goods passing through the port.

In the port’s report for 2012 showed that there had been an increase in tonnage through the port from 8.8m tonnes in 2011 to 9.05m last year. Turnover at the port only increased marginally to €21.8m but a reduction in costs saw profit before taxation rise to €1.36m.

Port of Cork chief executive Brendan Keating said that he was pleased with the performance of the port.

“Reliable accessible ports delivering prosperity is vital to the achievement of economic recovery in Ireland. We see investment in handling equipment and facilities as key to the future of our business and that of our customers and we are intent on growing our business. The Port of Cork is central to a brighter future for the Irish economy because of the value it brings in moving goods to market for both customers and businesses alike,” he said.

Since incorporation in 1997 the Port of Cork has seen investment of €103m. Last year the port completed a new compound in Ringaskiddy to accommodate a new Maersk transatlantic service which commenced in January 2012. This is the first Lo-Lo (Lift on Lift off) deep sea service in Ireland.

A new dry bulk store was completed by port customer Arkady, which has helped to increase the volume of trade. While the delivery of a new pilot boat named ‘Fáilte’ helped win the business of servicing the Exxon Mobil oil exploration project.

The port was also boosted by the 57 cruise liners, carrying in excess of 100,000 passengers to the region. This is a direct result of the investments made by the port in cruise line facilities in Cobh.