Irish Continental Group chief executive Mr Eamon Rothwell has mounted a strong attack on Dublin Port's charging structure and has said that there is a strong argument for a regulator for the State's ports, just as the Government has appointed a regulator to oversee airports.
Speaking after ICG reported strong full-year results, Mr Rothwell said that Dublin is the only one of the six ports used by the group which does not offer volume discount or volume rebates. "Whether it's one truck or a hundred thousand trucks, the charging system is the same."
Mr Rothwell said that Dublin Port's charging structure reflected its inefficiency. "Belfast and Dublin have about the same annual tonnage, but Dublin employs 455 against 140 at Belfast and that's reflected in Dublin's charging structure." He added that ICG is considering whether to take a case to Europe against what it claims are Dublin Port's anti-competitive practices. Pre-tax profits at ICG jumped 20 per cent to €26.8 million although margins were pruned slightly with operating profits rising 14 per cent to €35.4 million although turnover was 17 per cent higher on €249.4 million. Earnings per share were 16 per cent higher at 100.7 cents and a total dividend of 11.853 cents (a rise of 20 per cent) has been declared.
ICG's results were slightly ahead of analysts' forecasts, with most areas of the business - with the exception of the southern corridor of the Irish Sea performing well. Price increases imposed in the second half of the year to compensate for the loss of duty free income did impact on passenger volumes with passenger growth up 3.4 per cent in the second half compared to 11.3 per cent in the first half.
Operating profits in the ferries division were 13 per cent higher on €32.3 on sales of €146.6 million. But while overall passenger numbers rose despite the loss of duty free, numbers using the Rosslare/Pembroke route fell 5.7 per cent. Passenger numbers on the French routes were 5.7 per cent higher. The pattern was the same with car carryings on the Dublin and France routes rising while carryings on the Rosslare route fell. Ro-ro freight carryings were 11 per cent higher to 154,000 trucks.
