Less oil traffic sees Port of Cork profits fall

Profits at the Port of Cork fell by 22% last year to €4.1 million as a result of a sharp drop in traffic at its facilities in both Cork and Bantry.

In its annual financial statement for 2016, the company reported that the amount of cargo passing through the port had fallen by 13.6% — with the Port of Cork handling 9.5m tonnes last year compared to 11m tonnes in 2015. Turnover fell slightly to €29.6m from €29.8m in 2015.

Port of Cork chairman John Mullins, said profits had decreased by €1.1m in 2016 from €5.2m the previous year. Mr Mullins attributed the downturn in business to a combination of reduced oil throughput at both Whitegate and Bantry as well as the loss of 200,000 tonnes of cargo following the closure of the lead and zinc mine at Lisheen. He said oil traffic to the refinery at Whitegate remained the most significant trade in the Port of Cork with more than 5.3m tonnes passing through the facility last year.