Irish Continental Group has reported a loss of €1.2m for the first four months of this year compared with a €0.2m profit for the same period last year.
In an interim management statement issued today, ICG pointed out that the 2010 figures 'include the period during which European airspace was closed due to volcanic ash, which had a significant positive impact on passenger volumes'.
Earnings before interest tax and depreciation for January-April 2011 (€5.2m) was down 35% on the same period last year (€8m).
ICG said that the termination of the charter of the Pride of Bilbao ferry reduced EBITDA by €1.4m, but that this offset by depreciation savings of €0.8m and interest receivable of €0.6m.
Revenue was up 2.4% to €77.5m this year, from €75.7m for the first four months of 2010.
In volume terms, the number of passengers was down 6.5% in the period up to 14 May 2011 compared with the same time last year.
The number of cars carried for this period was down 1.4% to 96,700, though ICG said that lower yields had been compensated for by higher yields.
Roll on roll off freight increased by 11.7% to 70,900 for the same period.
Container freight decreased by 2.7% to 151,600 twenty foot equivalent units.
ICG stressed that its business is 'significantly weighted towards the second half of the year'.
The company said that the biggest threat to its financial performance was what it called the 'very significant' rise in fuel costs. It had a €10m increase in its fuel bill.
ICG said that reduction in VAT announced as part of the Government's jobs initiative was a positive for inward tourism.
