A cam shot today of the entrance to the Dublin Port Tunnell, which opened in December 2006.

Dublin Port Company today published its annual results for 2006 and trading figures for the first half of 2007. The company says that the results for 2006 and 2007 demonstrate that Dublin Port Company continues to successfully manage Ireland’s port of choice which is a key strategic infrastructure asset for the Irish economy.

Highlights:

2006

• Operating profit - €25.6 million (up 36.2% on 2005)

• Throughput - 29.3 million tonnes (up 8.7% on 2005)

• Turnover - €66.4 million (up 7.9% on 2005)

• Pension fund assets - €157m (96% fully funded)

January – June 2007

• Throughput - 15.6 million tonnes (up 10% on same period in 2006)

• Turnover  – €34 million (up 7% on same period in 2006)

• Capital Investment – on course for €40-50 million spend in 2007

• Tourism – tourist traffic up 17%

Trade levels at Dublin Port reached an all time high of 29.3 million tonnes in 2006 and are experiencing further rapid growth as imports and exports increase by 10% in the first half of 2007. The containerised trade sector, which represents three quarters of total throughput, has seen the most significant rise, with 10% growth in RoRo units and 15% growth in LoLo units in 2006. With these strong levels of growth, throughput at Dublin Port is expected to exceed 30 million in 2007.

Following a number of years of decline in the ferry travel sector, the sector seems to be experiencing a turnaround in fortunes. In 2006, ferry passenger numbers only marginally decreased by just 0.8%, compared to 14.2% in 2005 and significantly tourist traffic for the first half of 2007 has increased by 17%.  Dublin Port Company remains committed to supporting this industry and is investing significantly in raising the profile of ferry travel.

Operating profit increased by 36.4% in 2006 to €25.6 million. A key driver of this has been Dublin Port Company’s growth in revenue, which increased 7.9% to €66.4million and our continued focus on reducing our cost base, which saw total operating costs decrease to €40.8 million in 2006 from €42.7 million in 2005. Dublin Port Company also remains focused on staffing efficiencies, resulting in 2006 being the fifth consecutive year of payroll decrease, with a 7.7% reduction of payroll expenditure in this year.

Commenting at the launch of the 2006 Annual Report and 2007 H1 trading update, Enda Connellan, Chief Executive of Dublin Port Company, said: “We are pleased to announce the tenth consecutive year of growth in throughput. Dublin Port Company continues to deliver increases in turnover and profit levels, by reducing costs and increasing throughput levels, while maintaining the Port’s cost competitiveness by not increasing port charges.

Dublin Port remains the port of choice for importers and exporters. Over 80% of imports arriving at Dublin Port are consumer goods, destined for retail outlets in the city and surrounding areas. With 50% of all imports through the port staying within the M50, Dublin Port remains the most effective way of accessing Ireland's largest market.

With over 4 million square feet of retail space planned for the Dublin area in the next few years, we remain committed to serving the needs of the economy by investing significantly in Ireland's premier port. €55million will be invested in 2006 and 2007, bringing the investment to over €200million over the last ten year period, through maximising land efficiencies and investing in port infrastructure.”

Commenting on Dublin Port Company’s financial performance, Michael Sheary, Chief Financial Officer, Dublin Port Company said “Two of the company's most significant achievements over the last ten years has been tackling the company's cost base and funding the company's pension fund. Since 1996, our turnover has increased by 71%, while our operational expenditure, excluding depreciation, has increased by just 23%.  We have also turned round the pension fund deficit, inherited when the company was corporatised in 1996. We are currently meeting the Minimum Funding Standard as set out by the Pension Act of 1990, with pension assets of almost €200million.”