Irish Continental Group (ICG) has blamed technical troubles and yard problems for a slower first six months.
The owner of Irish Ferries and feederships said net earnings dropped to EUR 29.1m ($34m) to 30 June, down from EUR 43m in 2017, when the total was boosted by selling a vessel.
It was also hit by a reduction in charter income after it sold two ships in 2018. Fuel costs increased by 14% to EUR 22.4m.
Revenue edged up to EUR 157.2m, versus EUR 156.1m a year ago.
There has also been a delay in the delivery of the new W.B. Yeats cruiseferry from the Flensburger yard in Germany, affecting planning schedules.
Technical difficulties on another ro-pax reduced fleet capacity in June and July.
Chairman John B McGuckian called the result "resilient."
"This performance for the first half of the financial year is underpinned by increased freight volumes and good volume growth in the container and terminal division," he added.
"While our first half EBITDA is down EUR 3.5m on the same period in the prior year, it should be noted that this is principally due to the reduced chartering income in the group following the sale of the Kaitaki and Jonathan Swift, which were sold for a combined total of EUR 60.5m in cash (profit of EUR 42.4m).
He also said: "Summer trading has been difficult for the ferries division principally due to technical difficulties on the flagship Ulysses and the late delivery of the W.B. Yeats.
"We would like to apologise again for any disruption these schedule changes caused to our tourism and freight customers. We look forward to the delivery of the W.B. Yeats in late 2018 which will bring cost savings and significant additional earnings potential for the group.”
