The pandemic has had an impact on profits at the Port of Waterford as the loss of parking income and the cruise business saw turnover fall by 8% last year compared to 2019.
The port’s turnover was €7.2 million for the year and the company reported operating profits of €700,000, down from the €1.2 million recorded the previous year.
Shareholder funds ended the year at €33 million.
Bulk throughput in 2020 came in at 1.5 million tonnes, a 3 per cent decrease on 2019, while the levels of container shipment handled grew by 2 per cent.
The business was said to be showing “very positive momentum” for the first half of 2021 despite the continued challenges posed by the pandemic in the ability to drive car park and cruise income.
Bulk handling is currently ahead of 2020 by over 20 per cent at this year’s halfway point, and container handling is also holding up well and in line with 2020 levels.
Despite the impact of the pandemic on two key areas of business for the port, chief executive Frank Ronan said the overall performance remained profitable.
“The first six months of this year have gone reasonably well. We are still missing car park and cruise revenue, but overall, we are satisfied with the levels of business performance. The Port is in a strong cash position and we see plenty of positives in the market.
"The under-utilisation of the container terminal capacity remains both our main challenge and a major opportunity. The imminent return of rail freight services at the end of the month is eagerly awaited.”
Frank Ronan said there was strong interest being expressed by Cruise Companies in visiting Waterford Harbour during 2022 and 2023:
“We look forward to working closely with the local Cruise Co-operative and Dunmore East Fishery Harbour to deliver more business for our region’s tourism and hospitality operators. This potential upswing is particularly welcome following on from what has been a really difficult time for this sector.”
