CIE back in profit but concern raised

CIE returned to overall profit last year but has warned that additional funding will be needed if its Bus Éireann division is to avoid generating a loss from its public service obligation (PSO) services this year.

Publishing its latest annual report yesterday, CIE reported a group surplus of €9.8m for 2014, a turnaround from a deficit of €11.6m in 2013. In 2012 the State transport company admitted that an €11.7m surplus would actually have been a €45m loss if it hadn’t been for emergency State funding and the sale of certain land assets.

Last year’s profit was supported by a €52.2m increase — to €817.1m — in fare revenue and commercial income. Cash generated from the group’s operations grew by €2.2m to €52.6m.