C&W posts €9.2m loss for Ireland
Telecoms provider Cable & Wireless posted a €9.2m operating loss in Ireland for the 12 months to the end of March last year, compounding a €7.5m loss it reported in the previous fiscal period.
The company has also been taking a significant financial hit, by paying almost €3m in rent on onerous leases for premises from which it derives no benefit. It paid €2.4m in such rent the previous year.
Accounts just filed for the Irish arm of Cable & Wireless show that the company suffered a 35pc decline in turnover to €9.3m in its last financial year.
Its total loss of the 2010 financial year was €10.8m and the figure brought its accumulated losses in Ireland to €32.1m. Its shareholder deficit was €26.9m at the end of last March and the company noted that it's reliant on its parent for continued financial support.
Directors note in the accounts that, notwithstanding the net liabilities of the company, the financial statements have been prepared on an on-going concern basis. The company employs around 80 people.