Shannon Foynes Port Company posts record profits

Shannon Foynes Port Company has put record financial results down to an increase in shipping activity levels not seen since 2008.

Today it posted an operating profit of just over €3 million for 2012, which after financing costs and net disposal proceeds amounted to just over €2 million.

The operating profit represents a 6.6 per cent rise on 2011 performance.

However, the firm said it faces big pension liability obligations, debt servicing requirements, capital investment and an “onerous requirement from its shareholder in the form of increased dividend payments”.

Ireland’s second-largest port company has control of marine activity in an area of the Shannon estuary from Kerry to Limerick city.

It said that performance was driven by efficiencies. Operating and administration costs were reduced by €300,000 to €7 million.

"Operationally, it was another very successful year for Shannon Foynes Port Company, which maintained its position as Ireland's largest bulk port company in terms of tonnage throughput in 2012," said chairman Michael Collins. "This is a very strong performance by the port company."