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Irish Continental 2010 earnings flat

By BFN News | 09:46 AM | Thursday 13 May, 2010

Irish Continental reports revenues and EBITDA for the first four months of the year that are virtually flat at €75.7m and €8.0m. Higher passenger and car revenue was offset by lower freight revenue. Although there was a 5.6% reduction in the number of passenger cars carried compared to the same period last year, lower volumes were compensated for by higher yields. Total passenger numbers were up by 40,500 (10.4 %) at 431,500. The substantial increase in passenger numbers was influenced by a 49% increase in foot and coach passengers due partly, but not exclusively, to the disruption to air travel to and from Ireland during the closure of European airspace from 15th to 21st April. The Group says that forward bookings for Irish Ferries have improved during recent weeks as uncertainty about the effects of volcanic ash on air travel continues. The decline in the RoRo market has halted after almost eighteen months of overall decline with small growth in the first quarter of 2010. The base effects of the increase in competitor capacity, introduced in 2009, will start to be reflected in the comparative figures from now although the full impact from the long sea routes will not be comparable until later in the year. The trend in Irish Ferries RoRo volumes has been improving in recent weeks relative to last year. The container freight market is also recovering although some freight rate levels being offered are unsustainably low. The Group also observes that the recent weakening ofthe Euro against Sterling is a positive development for both inbound tourism to Ireland and also Irish exports to the UK, both of which are core business flows for ICG. Story provided by Business Financial Newswire

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