Irish Continental Group has said that in the three months to the end of September it recorded a 4.6% increase in turnover to €84.9m. Earnings before interest, tax and depreciation, however, fell to €23.9m from €25m in the same quarter of 2010.
ICG said the fall was due to higher fuel costs and the ''soft'' tourism markets, which was partially offset by higher yields in the car market and volume growth in freight.
It added that operating profits in the quarter came to €18.5m compared to €19m the same time last year. It also noted that the company's business is seasonally weighted towards the second half of the year.
ICG said it saw lower car volumes but higher yields in the ferries division in the three months from July to October, while passenger numbers rose by 0.3%. The amount of Ro-Ro freight also rose by 4.7%.
Looking ahead, ICG said the economic backdrop remains ''challenging''.
''The impact of the adjustments in public finances in both Ireland and the UK is affecting both tourism and freight demand although the reduction in vessel capacity on Dublin-Liverpool has helped to offset the weak freight demand,'' the company said in today's statement.
It added that the continued high level of fuel prices means that earnings for the year, as previously indicated, will be lower than last year.
