Dublin Port records 3% rise in operating profit

Operating profits at Dublin Port grew by 3 per cent to €13.8 million in 2002, according to Dublin Port Company.

The State-owned company said the volume of trading activity it handled was up for the 10th consecutive year.

Operating profit grew from €13.4 million in 2001 on the back of turnover of €51.9 million, but the figures showed that the rate of growth in business volumes was down on previous years.

In a statement, the company said the turnover figure represented a throughput of 22.2 million tonnes of freight, an increase of 1.4 per cent on 2001, when throughput reached 21.9 million tonnes.

However, the 2002 increase of 1.4 per cent compares to an average increase of 5.8 per cent over the previous three years.

The company said the slowdown in growth rates reflected difficulties in the domestic and global economies.

Last year, the port handled nearly 550,000 roll-on roll-off (ro-ro) vehicles, an increase of 3.5 per cent on 2001.

Passenger numbers grew 2 per cent to 1.44 million, while tourist vehicles grew 10 per cent to 320,000. Container numbers grew by 5 per cent to 456,000 units.

During the year the company made wage bill savings of €1.5 million, and cut its workforce by 8 per cent. This was part of an ongoing programme of dealing with what it calls a "relatively high" cost base.

Commenting on the results yesterday, chief executive Mr Enda Connellan said: "Dublin Port Company has managed to sustain growth and profit in 2002, despite serious challenges in the external and internal environment."

The company invested over €25 million last year and plans to spend something similar this year. The company said it was seeking to create additional capacity and facilities "through an extension of land eastwards".

"A growing economy will inevitably demand more from its ports. From the port company's perspective, this will result in pressure on already stretched port capacity and facilities... maintaining the standard of service to an increasing volume of trade will continue to be a challenge for the company. It is vital that we are a step ahead of the game at all times," said Mr Connellan.