Irish Continental asserts confidence

PROFITS at would be Aer Lingus suitor Irish Continental Group fell in the first six months of the year, but the ferry company is looking forward to the rest of the year with “confidence”.

Operating profits fell to €4.2 million, compared with €5.5m in the same period in 2003. The interest charge fell from €3.6m to €2.8m, resulting in profit before tax of €1.4m compared with €1.9m in the first half of 2003. The tax charge was €0.2m (2003: €0.6 million).

Goodbody analyst Joe Gill said: “A combination of subdued demand, higher fuel costs, a labour dispute and the delayed opening of its terminal extension were responsible for the performance.”