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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Ferries

Interferry’s UN, EU Input on Display in Vancouver

Two major examples of Interferry’s growing influence will be highlighted next week at the global trade association’s 39th annual conference in Vancouver.       CEO

New Assistant Secretary WSDOT Sets Her Priorities

In the latest Washington State Ferries 'Weekly Update' newly appointed Assistant Secretary WSDOT/Ferries Division, Lynne Griffith, sums up as she completes her

Golden Gate Ferry Captains Stage One-day Strike

The Golden Gate passenger ferry system, California's largest, was shut down on Friday by striking boat captains, disrupting service for thousands of San Francisco

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2135 sec (5 req/sec)