ICG quarterly operating profits up

Irish Ferries owner Irish Continental Group today noted a 12% increase in operating profit to €19m on turnover of €81.2m (2009 €80.6m) for the quarter to end September

In an interim management statement the company said EBITDA was up 9% to €25m, and passenger numbers rose 5.9% during the period.

However RoRo freight was down 10.1% and container freight volumes were down 2.4%.

Group revenue for the nine months to September 30 was €203.6m compared to €200.4m for the same period last year.

Net debt was €13.8m, down from €26.9m at June 30..

“The economic backdrop remains challenging,” ICG said.

“The impact of the impending adjustments in public finances in both Ireland and the UK is uncertain both with regard to tourism and freight demand.

“Nevertheless, we have carefully managed our cost base and our operational capacity to continue to be able to compete profitably in this environment.”