Port of Cork profits surge 30% to €1.74m

The Port of Cork increased its profits by almost 30% last year, according to new figures released yesterday.

An increase in traffic at the port contributed to the rise in profits, as an additional 76,000 tonnes were received.

The port recorded a pre-tax profit of €1.74m, almost €0.4m greater than in 2012.

Port of Cork chief executive, Brendan Keating, said the improvement in the company’s fortunes in recent years mirrored those of the economy in general.

“For the last couple of years, we have seen steady increases in our traffic volumes and annual performance, highlighting the slow but steady improvement in Ireland’s economy,” said Mr Keating.

“I am pleased to announce our 2013 results today which have returned an increased performance on 2012,” he said.

“The Port of Cork company and its board of directors, in response to the needs of the economy and the consequential growth in business, have lodged a planning application for port redevelopment at Ringaskiddy.

“Being able to offer improved port facilities to our customers, is key in the continued success and competitiveness of the region and our business,” he said.

Turnover for the year amounted to €23.3m in 2013, an increase of 6.59%.

A total of 62 cruise ships, carrying in excess of 122,500 passengers and crew to the Port of Cork arrived in the year, further aiding the company’s performance.

The Bantry Bay Port Company was also incorporated into the Port of Cork’s operations in December of last year and will complement the company’s existing oil and tourism trades, according to the chief executive’s report.

At the end of 2013, the company had a pension reserve deficit of €6.77m, although this figure is significantly lower than that of a year previous when it totalled €9.72m.

Among the company’s stated immediate priorities is to “finally resolve” this deficit, as well as to continue the company’s growth through renewed competitiveness, investment and profitability.

An investment of more than €5.5m in the company’s fixed assets was also made during the year — the most significant of which was the purchase of a €3m Liebherr crane to help attract further deep-sea business.

The State received a dividend of 30% from the company in May 2013 which amounted to more than €405,000.

The port was also the subject of a television documentary during the year, which comprised of four one-hour episodes and which has recently been commissioned by TV3 for a second series that will focus on the summer season. It is due to air in 2015.