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Displaying items by tag: Profits Down

#FerryNews - Profits in Irish Continental Group (ICG) almost halved to €29.7 million in the six months ended June 30, the latest figures show.

As The Irish Times reports, ICG whose ferry division Irish Ferries, saw revenue grew slightly to €157.2 million from €156.1 million in the first half of the year.

Profit before tax fell 46 per cent to €29.7 million from €47.5 million during the same period last year.

Earnings per share fell 33 per cent to 15.3 cent in the six months ended June 30 from 22.8 cent in the first half of 2017.

Total equity rose 55 per cent in the period to €240.3 million from €191.3 on June 30 last year.

For more on the financial results, click here. 

Published in Ferry

About Arklow Shipping

Arklow Shipping Limited, one of Ireland's leading shipping companies, has marked over 50 years of operation following its establishment in 1966.

The company, which began with a fleet of seven ships, has grown steadily over the years and now boasts a fleet of 59 vessels.

The company was founded by Captains James Tyrrell, Michael Tyrrell, and Victor Hall, who collaborated to create an umbrella company to operate their ships. This move allowed them to reduce overheads and strengthen their position in the market. The original fleet comprised seven ships, namely Tyrronall, Murell, Marizell, Valzell, Kilbride, River Avoca, and Avondale, all of varying sizes.

The shipping industry in Ireland underwent a significant transformation in the 1960s, with the replacement of traditional auxiliary schooners with modern crafts.

Arklow Shipping was at the forefront of this change, and the founders recognized the need for a new approach to shipping in Ireland. They built a company that could adapt to the changing market demands, and this has been a key factor in the company's continued growth.

Over the years, Arklow Shipping has bought, sold, and built ships, facing the challenges and opportunities that come with operating in the shipping industry. Despite these challenges, the company has remained committed to meeting market demand and providing high-quality services to its clients.

Today, Arklow Shipping is a leading player in the shipping industry, with a strong reputation for reliability and professionalism. The company's success story is a testament to the vision and dedication of its founders, who laid the foundation for a company that has stood the test of time.