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Irish Continental Group revenues rise

By BFN News | 07:25 AM | Friday 13 May, 2016


Irish Continental Group's revenues rose to EUR91.4 million in the four months to the end of April, an increase of 7.4% compared with last year. Net debt at the end of April was EUR25.9 million compared with EUR44.3 million at 31 December 2015. The group said: "There has been a good start to the year with trading conditions remaining favourable." Total revenues in the ferries division amounted to €51.6 million (including intra-division charter income), a 7.1% increase on the prior year. The group said: "In this seasonally less significant period for tourism, Irish Ferries carried 90,200 cars, an increase of 5% on the previous year, while freight carryings were 92,300 RoRo units, an increase of 8% compared with 2015." The ropax ferry MV Kaitaki remained on charter, operating in New Zealand, while the four container ships acquired in late 2015 were fully deployed in the period. Delivery of the recently acquired vessel 'Westpac Express' is expected by late May. It is bareboat chartered to a third party for a firm period of four months with four further one year option periods and a final seven month option at the Charterer's option. Total revenues in the container and terminal division amounted to €42.3 million, a 13.4% increase on the prior year. Container freight volumes shipped were up 10% on the previous year at 103,400 teu (twenty foot equivalent units), while units handled at our terminals in Dublin and Belfast increased 54% year on year to 96,500 lifts. Dublin Ferryport Terminals throughput increased by 8% on the prior year. Throughput at Belfast Container Terminals increased by 257% reflecting the additional volumes following the award of the concession to operate the larger container terminal at Victoria Terminal 3 (VT3) which commenced in June of the prior year. Story provided by StockMarketWire.com

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