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Profit at ICG Flattered by €25m Gain From Ferry Sale

1st September 2017
The above image obtained by Afloat shows a more defined representation of the 50,000 tonnes cruiseferry to that released by ICG in May 2016 when the group announced the order for ferry division Irish Ferries. The new 1,885 passenger and crew capacity cruiseferry under construction by FSG in Germany is expected to be delivered in June 2018. The above image obtained by Afloat shows a more defined representation of the 50,000 tonnes cruiseferry to that released by ICG in May 2016 when the group announced the order for ferry division Irish Ferries. The new 1,885 passenger and crew capacity cruiseferry under construction by FSG in Germany is expected to be delivered in June 2018. Photo: ICG

#ferry - Operator of ferries, Irish Continental Group (ICG), saw profits more than doubled to €43 million in the first half of the year as the group booked a €25.5 million gain from the sale of a vessel (Kaitaki) to New Zealand transport operator KiwiRail.

However writes the Irish Times, the stripping out the one-off gain from the transaction, operating profits at the company dipped to €19.1 million from €20.8 million for the same period last year.

During the reporting period, the number of cars carried on its ferries rose 2.3 per cent to 174,500 units, though roll-on, roll-off (ro-ro) freight volumes dipped by 0.4 per cent. Container volumes shipped during the six months increased by 6.8 per cent.

Still, Goodbody Stockbrokers analyst Gerry Hennigan said the business’s underlining performance during the first half of the year was slightly better than expected. ICG had highlighted in May that its car and ro-ro volumes had been dented in the early months of the year by “dry-docking scheduling”, when vessels are taken into the service yard and checks and repairs carried out.

To read more click here including the new €144 million cruiseferry currently under construction and as Afloat reported last year when ICG announced to order the newbuild. 

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