The Port of Cork Company have today announced their annual results for 2011 and despite continuing to experience a challenging economic environment, the firm delivered a satisfactory performance with total traffic amounting to 8.8 million tonnes, which matched the 2010 traffic levels.

Turnover for the year amounted to €21.4 million and operating profit before exceptional costs and interest amounted to €1.3 million (2010: €2 million). Profit on Ordinary Activities before taxation amounted to €1.2 million. In 2011 the company maintained its commitment to capital investment, with the completion of a number of projects including, the construction of a new compound in Ringaskiddy to accommodate a new transatlantic container service.

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Commenting on the 2011 annual results, Port of Cork Chairman Mr. Dermot O’Mahoney said: "Our performance overall in 2011 was satisfactory and we have started to see signs of recovery in certain trades. I believe that the Port of Cork is central to a brighter economic future for the Irish economy and particularly for the Munster region given the value it brings in moving goods to market for both customers and businesses. As one of Ireland’s major ports, we must continue to grow and improve competitiveness in the integrated route to market and this is an area which will be a huge focus for 2012 as we look to secure planning for the Port’s Strategic Development Plan."

Oil traffic which is mainly handled at Conoco Phillips Whitegate Oil refinery amounted to 4.96 million tonnes, a 1% decrease on 2010. Non-oil traffic accounted for 3.4 million tonnes in 2011, the same level of traffic as 2010.

Container traffic in 2011 increased by 6% to 156,667 TEU's, maintaining the Port of Cork’s status as the second busiest Port in Ireland in terms of numbers of containers handled. Throughout the year containers are shipped on regular services to and from mainland European ports of Rotterdam, Antwerp and Zeebrugee. Additionally, there is a weekly service linking Ringaskiddy in Cork with Scandinavia, North West Europe and the Mediterranean.

(CD/GK)