Irish Continental Group Release 2012 Results

Press Release
Thursday, March 07, 2013

Irish Continental Group (ICG) produced another resilient performance in the face of continued economic weakness, which affects both consumer travel and import/export trade flows, the two areas of economic interest for the Group. During the year, the Group announced and completed the sale of its subsidiary Feederlink.

Revenue for the year from continuing operations was up 1.7% at €256.1 million while continuing EBITDA  was down 3.2%, to €45.8 million, due mainly to lower freight volumes in both RORO and LOLO and higher fuel costs (up €6.3 million to €53.2 million) largely offset by higher yields in the passenger business. The net interest charge was €1.8 million (2011: €1.0 million) before a net interest expense from defined benefit pension schemes of €1.6 million (2011: credit of €0.3 million). The taxation charge was €0.5 million compared with €0.8 million in 2011. The profit on sale of Feederlink was €21.0 million. Basic EPS including the profit on sale of Feederlink was 183.2 cent while adjusted EPS from continuing
operations was 104.6 cent, up 3.1%.

“These are resilient results in the face of a challenging economic background,” Chairman John B McGuckian said. “There is now some emerging evidence of an improvement in the Irish economic environment, but we remain cautious, particularly in relation to freight capacity.”

In the year to date Irish Ferries has carried 27,900 cars down 7% on 2012 although this reflects a competitor’s drydocking program rather than market weakness. Total passengers carried, 136,500, are up 2% on 2012. RORO freight volumes are up 4% at 30,300 units while container volumes are up 9% at 48,000 teu although terminal lifts are down 2% at 29,100 lifts.

2013 is likely to continue to provide a challenging economic backdrop. In the EU generally, continued high unemployment, deleveraging by firms and households and widespread fiscal consolidation in many of the Union’s economies is leading to weaker economic output, at least in the short term. Fuel has stabilized but remains at relatively high historical levels.
 

www.icg.ie

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Completes Horizon Lines Acquisition

Matson, Inc. has completed the acquisition of Horizon Lines, Inc. which includes Horizon's Alaska operations and the assumption of all non-Hawaii business liabilities.

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Finance

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

Passenger Vessels

Overnight Cruise Ship Visits Suspended in White Bay

The New South Wales (NSW) Port Authority has suspended all overnight cruise ship visits to White Bay until the NSW Environment Protection Authority (EPA) has regulated

Thailand: 300 "boat people" Landed in Recent Weeks

Around 300 "boat people" have landed on Thailand's shores in recent weeks, Sek Wannamethee, director-general of the information department at Thailand's Foreign Ministry, said on Friday.

New Ferry Safety Initiative from RINA

Italy-based classification society RINA informs it has launched a ferry safety initiative.    The Asset Integrity Management scheme for ro-pax ferries covers fire risk mitigation,

Ferries

Offshore O&G: Weathering the Storm

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are

New Ferry Safety Initiative from RINA

Italy-based classification society RINA informs it has launched a ferry safety initiative.    The Asset Integrity Management scheme for ro-pax ferries covers fire risk mitigation,

Alewijnse Success at Damen Shiprepair Dunkerque

Electrical system integrator Alewijnse Marine Systems is celebrating the first anniversary of delivering electrical services and maintenance to vessels at Damen Shiprepair Dunkerque.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1557 sec (6 req/sec)