Shipping group P&O today announced losses of £210 million for last year after counting the cost of a major restructuring at its ferries business.
P&O booked one-off charges worth £380.2 million in 2004 - principally from the ferries overhaul - which masked an improved underlying performance.
Pre-tax profits before the exceptional items rose 65 per cent to £170.2 million in 2004, following strong growth in the company's main port business.
The ferries division reported trading losses of £15.4 million after passenger and tourist vehicle numbers fell and the amount spent on board fell sharply.
P&O responded to the adverse trading conditions, which industry analysts have blamed on duty-free changes and the growth of low-cost airlines, by cutting four of its 13 routes and reducing its number of ships from 31 to 23. The moves, which were announced in September, are set to result in 1,200 job cuts.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article