Biggest taxi firm loses €1.77m after writedown
THE country's largest taxi firm last year plunged into the red to record pre-tax losses of €1.77m.
National Radio Cabs PLC has more than 700 taxis on the road and new accounts for the firm show that it recorded the loss after writing down the value of its property by €1.66m.
The figures show that the firm's operating profits plummeted from €222,507 to €33,684 in the 12 months to the end of February 2012.
This followed a decrease in the firm's gross profit from €2.3m to €2m. The pre-tax loss last year of €1.7m followed a pre-tax profit of €80,148 in 2011.
Shareholder funds fell last year from €2.8m to €1.1m. The firm's cash also declined sharply, from €893,543 to €363,795.
Staff costs, including directors' remuneration, decreased marginally from €1.56m to €1.51m.
Remuneration for the firm's four directors decreased from €391,975 to €371,835. Bank borrowings totalled €2m at the end of February last year.
The company declined to comment yesterday.