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Irish Continental operating profits up 54.3%

By BFN News | 02:49 PM | Monday 14 March, 2011

Shipping and transport group Irish Continental unveils strong results for 2010 and has made a solid start to what it believes will be a challenging year. The group's operating profits for the year to the end of December rose 54.3% to €40.9m with earnings before interest, tax, depreciation and amortisation up 5.7% at €53.6m. Key factors in the results included a strong performance from the passenger side of the business, where revenue was up 12.3% and, the profit on the sale of the vessel 'Bilbao' (€9.4m). But these were partly offset by a weakness in the freight side of the business due to the sharp reduction in economic activity in Ireland over the last number of years, and the effects of ship overcapacity in the market. Chairman John McGuckian said: "For 2011 we are facing into an uncertain year with the combined effects of higher fuel costs and austerity programmes in Ireland and the UK providing a challenge. "Nevertheless we have made a solid start to the year and with a strong balance sheet to support us we look forward to the rest of the year with confidence." At 2:49pm: (LON:ICGC) Irish Continental Group share price was 0p at 17.74p Story provided by

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