Ferry group ICG’s operating profits drop 20%

Irish Ferries owner Irish Continental Group saw profits fall significantly in the opening six months of the year despite an increase in revenues.

According to ICG’s half-yearly results, operating profit slumped by almost 20% as fuel costs rose by more than 10%, to €26.4m.

The introduction of a new roll-on roll-off (RoRo) ship, Epsilon, allowed the company to drive volume growth but contributed heavily to increased fuel costs.