Mainport Holdings, the Cork shipping group with extensive international interests, posted pre-tax profits of €5 million in its last financial year, down slightly on the previous year.
Revenues at the Irish owned company remained relatively static at €45 million for the year ending March 31, 2009, according to accounts filed with the Companies Office in Dublin recently. Operating profits at the firm fell sharply, from €2.1 million to €470,000. However, overall profits were boosted by a €2.5 million profit from the sale of financial assets, plus further profits of €1.9 million from joint venture operations.
In a note in the accounts, the firm said the ‘‘positive results’’ were partly due to the development of its ‘‘offshore services business’’, which comprises a number of vessels providing services to international shipping fleets. The directors said they intended to develop the group’s customer base and market, with a ‘‘particular emphasis on the development of the offshore services market in Ireland and overseas’’.
Mainport is one of the Republic’s largest shipping companies, and has significant interests in stevedoring, warehousing, ship management and marine logistics. The company has interests in Britain, South Africa, Norway and Kazakhstan. Mainport is controlled by David and Michael Ronayne, while company director Captain Dave Hopkins also has an equity stake. The firm was founded in 1957 by Finbarr Ronayne as Ronayne Shipping, which is still a trading subsidiary of the Irish Mainport Group.
The accounts value the Mainport group’s marine vessels at €30.6 million, which includes €2 million that the company spent acquiring new vessels during the year. The company employs 92 people, and had a wages and salaries bill in 2009 of €6 million.
Mainport has expanded significantly in recent times. In 2006, it bought Louth based Patrick Monahan, a stevedoring and shipping company, for €3.3 million. Two years later, it bought British shipping company Havila Rescue in a €38 million deal.
Source: The Sunday Business Posr, February 2010
