Record Profits At Belfast Port

Belfast Port has reported record profits for the last trading year.

Around £21 billion worth of trade passed through the port, generating pre-tax profits of £22.1 million, making 2007 the port's most successful to date.

The Port of Belfast is one of the island's busiest ferry docks, and is also the second largest such facility both north and south of the border.

It forms part of Northern Ireland's four commercial trust ports, the others being Coleraine, Derry and Warrenpoint.

Turnover in 2007 grew by around 8%, pushing net assets to £235m and gross profits to £31m.

A record 17.5 million tonnes of cargo passed through the port last year, with passenger numbers expanding from 51,000 to 1,274,000.

Chairman Len O'Hagan said: "The port of Belfast has often been liked to a microcosm of Northern Ireland's economy."

"This was certainly true in 2007 which, with the restoration of the Northern Ireland Assembly, was marked by a renewed confidence in the potential of the economy and increased activity throughout Belfast Harbour commissioners' operations."

Growth in the wider economy helped increased imports and exports, according to Mr O'Hagan. This has boosted the port's container and animal feeds business.

The future of Belfast Port has been the subject of debates in the Province.

However, the Chairman has expressed confidence for the coming years, and has insisted there is agreement "in principle" within the devolved Executive to allow the trusts to "develop to their full potential".

In addition to running the port, the Belfast Harbour Commissioners will also oversee 1,950 acres of land in and around Belfast.

Around half of this space is used for non-port activities, including office and residential units on the banks of the Lagan, as well as the multi-million pound Titanic Quarter development.

The Commissioners also own the Sydenham Business Park and the Holywood Exchange retail development, which recently opened Ireland's first Ikea store.

Profits generated from commercial properties will go towards delivering the ambitious Project 2025, a £630m investment scheme, aimed at doubling capacity at the port.

In 2007 the port's capital spend reached £32m, with a further £42m set aside for infrastructural improvements.

Despite last year's figures showing five continuous years of strong growth at the port, the commissioners did highlight a slow down in trade towards the end of 2007.

(PR/JM)