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NEWS RELEASE - Finance 2002

(Web Posted 07-08-2003)

Dún Laoghaire Harbour Company announces 94% increase in profits for 2002

Dún Laoghaire Harbour Company, the commercial State body responsible for Dún Laoghaire Harbour has announced a 94% increase in profits for the financial year ended 31st December 2002.

Total profits before tax rose to €2.47 million compared to €1.27 million in 2001.

Overall turnover in 2002 was €9.47 million, an increase of 8% on the €8.75 million turnover in 2001. The main contributor to the increased turnover is the 37% rise in income from non ferry activities. This income includes higher revenues from Dún Laoghaire Marina, parking fees and, for the first time, license fee income from the development of the Company's Harbour Yard site.

Shipping turnover rose by 3% in 2002. Dún Laoghaire is Ireland's premier passenger ferry port and 1.015 million passengers traveled through the Harbour in 2002.

The Company continues to focus on the development of it surplus land assets. Planning permission was granted earlier this week for the development of the Harbour Yard site at Crofton Road, Dún Laoghaire and the Harbour Company recently announced a tender/competition for a major redevelopment of the historic Carlisle Pier in the heart of the Harbour.

Commenting on the results, the Harbour Company Chairman, Paddy McMahon said:

"2002 has been another excellent year for Dún Laoghaire Harbour Company. The Company has grown its revenue from all its major activities and despite considerable costs pressures has continued to improve its operating profit margins".

"The Company faces major challenges in the years ahead, particularly in the upkeep and ongoing maintenance of our beautiful, historic Harbour and its buildings. Recent conservation analysis conducted by the Company suggests that this will cost at least €12 million in the coming years and will have to be funded from the Company's own resources. The Company is also committed to the resurfacing of the East pier at a cost of approximately €3.0 million".

Chief Executive, Michael Hanahoe added:

"Since its establishment in 1997, the Harbour Company has grown its turnover by 8.5% per annum and its operating profits by 12% per annum compound. Non shipping revenue grew by 38% per annum during the same period.

I am optimistic that further strong revenue and operating profit growth will be achieved in the current year. For the future we will continue to focus on the development of our ferry terminal business, working with Stena Line to ensure that we offer the best possible facilities for their customers in Dún Laoghaire. We will also continue to focus on the continued growth of non shipping revenues".

The Supreme Court decision this week that port companies are not liable for local authority rates for the period from 1999 to 2002 inclusive will have a significant positive effect on the Company's profits for 2003. €2.4 million had been provided for the years since 1999 as a contingency against an unfavourable court ruling. Most of this provision will be released into the Profit & Loss Account this year as a consequence of the Supreme Court ruling.

For further information:
Roy Dooney, The Media Group, 01 2755975 / 087 2414165

Note to Editors

Dún Laoghaire Harbour Company is the statutory commercial body charged with developing Dún Laoghaire Harbour as a marine tourism gateway to Ireland, maintaining and enhancing the recreational and amenity value of the Harbour and promoting investment and commercial development to support the historic Harbour's long-term maintenance. The Harbour was built between 1817 and 1842 and is widely recognised as one of the finest artificial harbours in the world.

The Harbour Company was established under the Harbours Act of 1996 and was formally established in March 1997.