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High fuel costs hit Irish Continental Group

By BFN News | 02:10 PM | Monday 14 November, 2011


Irish Continental Group has confirmed that full year earnings will be lower than 2010. The group says this is public spending cuts in Ireland and the UK have affected tourism and freight demand although the reduction in vessel capacity between Dublin and Liverpool has helped to offset the weak freight demand. The group says it has carefully managed its cost base and operational capacity to continue to be able to compete successfully in this tough trading environment. But it says the continued high level of fuel prices - expected to result in a fuel bill for the year of approximately €52m - means that earnings for the year, as previously indicated, will be lower than in 2010. Third quarter turnover was €84.9m - up from €81.2m - but operating profits fell to €18.5m from €19.0m and earnings before interest, tax, depreciation and amortisation dropped to €23.9m from €25.0m. At 2:10pm: (LON:ICGC) Irish Continental Group share price was -0.05p at 14.5p Story provided by StockMarketWire.com

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