Profits and turnover up at Dublin Port

Profits at Dublin Port rose to €26.97m in 2008, up from €21.66m the previous year despite a reduction in throughput, the company said in its annual results published today.

Turnover was also marginally up from the year, to €70.6m from €70.4m in 2007.

"Dublin Port Company continues to perform strongly despite the downturn with sustained profitability and increased dividend payment to its shareholder on the back of rigorous management of its cost base," the company said.

The company invested €26.6m in infrastructural improvements in 2008, including the construction of Ireland’s largest service station, which provides refuelling and associated facilities for port customers.

In a trading statement for the first six months of this year, also issued this morning, the company said

profit from January to June was €12.1m down 4.5% on H1 2008. Throughput for the same period was 12.9 million tonnes, down 15.7%.

"Even with trade volumes falling in 2009 with a resultant fall in revenue, Dublin Port Company remains profitable and will continue to pay a dividend to its shareholder," Chief Executive Enda Connellan said.

Mr Connellan added that the company was "well placed to see through the current economic challenges and provide the necessary investment that will help drive the real trading economy when growth returns.”