Profits rise for ICG

Ferries company Irish Continental Group has reported a pre-tax profit of €1.7m for the six months to the end of June. This compares to a loss of €0.5m the same time last year.

The first six months are traditionally weaker for the company with the key summer season kicking off in the second half of the year.

Sales rose from €135.8m to €139.6m, while the company's earnings per share rose to 6.4 cent, up from a loss per share of 2.5 cent.

Chairman John B. McGuckian stated: “I am pleased to be able to report on improved profitability in the first half which is due to the absence of industrial disruption in the period and the flow through of some of our cost reducing initiatives, particularly in our staff costs both ashore and seagoing.

"Many of these cost savings have been offset by increases in fuel costs which, for the group, were €3.4 million higher than in the same period in 2004.

"The passenger market is weaker while the freight market is stronger. Given the changing patterns of travel behaviour, and the new sustained higher level of oil prices, we are developing proposals to bring our cost base to the levels applying internationally”.