Trade traffic jumps 8.6 PC in ports as net profit hit € 5 million

  • Trade traffic jumps 8.6 PC in ports as net profit hit € 5 million
    Independent.t. E.
    The volume of trade in the port of cork and Bantry the port jumped by 8.6 PC in 2017 to 10.3 million tons.
    https://www.independent.ie/business/irish/trade-traffic-jumps-86pc-at-ports-as-profits-hit-5m-37242268.html
    https://www.independent.ie/business/article37242267.ece/232b4/AUTOCROP/h342/2018-08-23_bus_43491008_I1.JPG

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The volume of trade in the port of cork and Bantry the port jumped by 8.6 PC in 2017 to 10.3 million tons.

During the year, the two ports reported a turnover of €31.5 million, compared to €29.6 m in the previous year, according to a statement from the port of cork.

Profit after tax amounted to EUR 5 million for the year, and together with a dividend of €693,065 to the Treasury, up to 3pcs for 2016.

“Our results for 2017 are extremely positive and the increase in total traffic is a reflection of these indicators,” John Mullins, Chairman of port of cork, said.

“We are committed to supporting shareholder [the Treasury] and will continue to pay the annual dividend, as well as the implementation of the strategic development plan”.

During the year, the company reported a number of successes, including the granting of permission for modified first phase of the project development of Ringaskiddy port as well as a new direct ferry from cork to Spain.

The redevelopment of the port which is expected to cost €80 million, agreed to the financing structure with the European investment Bank, AIB and Irish strategic investment Fund.

According to the port, the redevelopment will deliver “improving the efficiency of container objects”.

“This reconstruction will replace the existing container terminal at Tivoli and transfer the port from the Tivoli, and will create a real opportunity for cork port facilities of the objects that you plan to convert in the near future,” Brendan Keating, CEO of the port of cork, said.

This year the port of cork will welcome 96 cruise ships, an increase of 30 last year.

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