Bard Shannon turnover up as profits fall
Published 04/01/2011 | 05:00
PRE-TAX profits at the Irish subsidiary of US-owned health care manufacturer, CR Bard fell in 2009 by 32pc to $100.2m (€75m) in spite of an increase in revenues.
Recent filings show the Dublin-based Bard Shannon Ltd increased its revenues by 5pc from $694.2m to $729.6m to the end of December 2009.
In spite of this, pre-tax profits dropped by $47.2m.
The directors' report for the holding company states that they expect the increase in turnover to continue.
However, the increase in revenues "has been offset to a large extent by a corresponding increase in the costs of materials, labour and overheads".
CR Bard, Inc. is a leading multinational developer, manufacturer, and seller of innovative life-enhancing medical technologies in the fields of vascular, urology, oncology, and surgical specialty products.
The $729m in turnover represents 29pc of the corporation's global sales in 2009 of $2.5bn. The company employs 11,000 worldwide.
During 2009, the Irish-based holding company made a payment of $4.4m to its US parent. The dividend was made "in connection with the parent company's plans to repatriate foreign earnings which were previously taxed for US tax purposes".