Profits are down 12 pieces in the Irish ferries operator

  • Profits are down 12 pieces in the Irish ferries operator
    Independent.t. E.
    Profit before interest, tax, depreciation and amortization (EBITDA) decreased by €3.5 m (11.8 PC) on the Irish ferry operator ICG in the six months to June 30.
    https://www.independent.ie/business/irish/earnings-fall-12pc-at-irish-ferries-operator-37266436.html
    https://www.independent.ie/business/article36837487.ece/27c55/AUTOCROP/h342/2018-02-20_bus_38686399_I1.JPG

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Profit before interest, tax, depreciation and amortization (EBITDA) decreased by €3.5 m (11.8 PC) on the Irish ferry operator ICG in the six months to June 30.

The decrease was due to a decline in EBITDA of €3.6 m from the external statutory activities after sales of ships Jonathan swift and Kaitaki, the company said today in a trading update.

Profit before interest and tax, including non-trading positions, fell 37.8 PC to €30.1 m, while profit before tax fell to €29.7 m from £ 47.5 m in the previous year.

However, the cost of production increased slightly by 0.7 PC to €157.2 m in the period.

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This year, the company suffered from delays in the delivery of its new ferry, W. B. Yeats, in which thousands of holidaymakers left inconvenienced and out of pocket.

While Technical difficulties on the flagship Ulysses, ICG reduced its capacity fleet in June and July of this year.

Meanwhile, fuel costs rose from €2.8 m (14.3 PC) for the six months to €22,4 m.

Commenting on the results, ICG Chairman John McGuckian B described the performance as “resilient”.

“This performance for the first half of the fiscal year due to increased freight and good volume growth in the container and terminal division”.

“While our first half EBITDA decreased by 3.5 million euros compared to the same period of the previous year, it should be noted that this is mainly due to the reduction of income to the founders in the group after the sale of the Kaitaki and the Jonathan swift, which was sold a total of €60.5 m in cash.”

“Summer trade was difficult for the ferries division mainly due to technical difficulties on the flagship Ulysses and the late delivery of W. B. Yeats”.

Interim dividend the group increased 5pc year-on-year to 4.21 percent.

In January of this year, the ICG announced an additional fleet investment to €165.2 m.

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