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Irish Continental operating profits fall 26.1%

By BFN News | 09:39 AM | Tuesday 30 August, 2011


Irish Continental Group's operating profits fell by 26.1% to €6.5m in the six months to the end of June. Revenues were up 3.4% at €126.6m but earnings before interest, tax, depreciation and amortisation fell by 19.5% to €16.1m. Chairman John B. McGuckian said: "These are resilient results in the context of a challenging economic environment and high oil prices. "The group fuel bill was €24.4m compared with €20.1m in the first half of 2010. "Last year we had the benefit of the ash cloud which makes comparison with 2011 even more challenging. "On the RoRo freight side there has been good growth in our business, up 12% in volume terms and cash generation remains strong with net debt of only €14.4m having paid a dividend of €25.1m during June. "We have also declared an interim dividend of 33.0 cent per ICG unit. "The economic outlook remains challenging with austerity programmes affecting both consumer demand for travel and freight markets but we are structured to compete and to continue to generate cash notwithstanding this backdrop." At 9:39am: (LON:ICGC) Irish Continental Group share price was +0.35p at 15.05p Story provided by StockMarketWire.com

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