PRe-tax profits at the main Irish subsidiary of US computer giant Dell last year more than halved to $6.1m (€4.8m) in spite of revenues topping $13bn.
In accounts just filed to the Companies' Office by Dell Products, they show that pre-tax profits reduced from $12.6m to $6.1m in the 53 weeks to the end of February 2012.
The drop in profits came in spite of revenues at the firm last year increasing by 5pc from $12.3bn to $13bn. The sales by the Dublin-based firm represent 20pc of Dell's worldwide revenues of $62.1bn last year.
The subsidiary's principal activity is the sale and distribution of Dell products in the European, Middle East and African markets.
According to the directors' report, "trading results for the period and the period end financial position are in line with expectation".
The directors said: "Revenue from our small and medium business and large enterprise segments increased over the prior year while our consumer and public segments experienced a decrease in revenue from the prior year."
The directors' report adds that "public customers have been challenged by budgetary constraints on government spending, particularly in western Europe. Revenue from our commercial segments overall increased year on year.
"We will remain focused on growing our revenue and profitability by continuing our efforts to provide IT solutions to our customers in areas such as enterprise solutions and services".
The filings show the company's cost of sales increased from $10.6bn to $11bn last year with distribution costs increasing from $1.4bn to $1.64bn. Administrative expenses declined from $350m to $340m.
The accounts confirmed that the company has received $6m in cumulative employment grants from the IDA, which can be revoked in certain circumstances.