Shannon Foynes Port Company recorded an operating profit close to €2.9 million last year, up from €2.5 million in 2010. It recorded a 2.2 per cent rise in turnover to €10.1 million, resulting in a 13 per cent increase in operating margin from 25.5 per cent to 28.1 per cent, according to the 2011 annual report.
It shows that the port company made a profit attributable to the shareholder of €2.73 million after exceptional items and financing. Cargo increased 8 per cent to 10.1 million tonnes from 9.4 million tonnes in 2010.
About 35 per cent of Ireland’s bulk traffic transits through the west of Ireland harbour.
The company also maintained its focus on cost control, with operating costs down 35 per cent from their 2007 peak. “The improvement in profit, tonnages and operating margins in what continues to be an extremely challenging environment confirms the steady progress achieved at Shannon Foynes Port Company over recent years,” said chairman Michael Collins.
Chief executive Patrick Keating said some of the gains in 2011 were eroded in the fourth quarter when, due to mild weather, there was a drop in commodities such as salt and solid fuel liquids.