'Press Release' - 08 August 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
travelled 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.
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.
08 August 2003
For further information please contact:
Roy Dooney
The Media Group
Tel: 087 2414165 or 01 275 5975
Ref No. DHB 9728
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