Belfast Harbour has said it is not anticipating any "major impacts" on its business as a result of Brexit. It said that given the large amount of intra UK trade through the port, together with processes for handling WTO trade, impacts are "likely to be manageable". The comments came as the harbour reported an increased underlying pre-tax profit of £35m in 2017. The performance was driven by increased port activity and property income. Cargo traffic rose by 3% to 23.7m tonnes of goods. Under its operating regulations, Belfast Harbour retains and re-invests all profits. Future capital expenditure plans include an upgrade of the container handling facilities and a further phase of the City Quays office development. The harbour cautioned that it is facing some challenges from "emerging trade and port user trends". These include reduced coal imports, as it is phased out as a fuel source for electricity generation, and reduced heating oil imports as a result of an expanded natural gas network. Joe O'Neill, Belfast Harbour's chief executive said " As trade in traditional sectors such as coal and refined oil reduce, we will continue to explore new trade opportunities, alongside those in real estate and tradable services. "Our ongoing partnerships with Titanic Quarter and Catalyst Inc. also continue to yield positive results." Read again Brexit: Belfast Harbour not foreseeing 'major impacts' : https://ift.tt/2z4uFa9
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