Fiat reverses Irish loss with profit of €628,000 in 2014
Published 03/11/2015 | 02:30
The Irish arm of car manufacturer Fiat made a profit of almost €630,000 last year, reversing a small loss in 2013.
Fiat Chysler Ireland handles the import and distribution of Fiat cars and parts in the Republic of Ireland.
Accounts just filed for the company show that turnover rose from just under €13m in 2013 to €15.8m in the 12 months to the end of 2014 while the firm swung from an operating loss of €37,000 to an operating profit of €558,000.
The company made a full-year profit of €628,000 compared to a loss of 23,000 in 2013.
It employed an average of 11 staff throughout the year versus eight in 2013. The cost of wages amounted to almost €1.1m, up from €712,000 in 2013.
New car registrations increased by 36pc from 485 in 2013 to 660 in 2014. However, despite the increase, the company still has a minimal share of the Irish car market.
According to figures published by the Society of the Irish Motor Industry, 96,343 new cars were registered in 2014 compared to just under 75,000 the year before.
This means that despite Fiat's sales rising by nearly a third, its market share remained at just 0.7pc.
The company launched two new models in the Irish market in 2015, the mini-SUV Fiat 500x and the New Renegade Jeep. According to the directors' report, the new models represent a "huge volume opportunity for the Fiat Brand".
Last month the European Commission ruled that parent company Fiat Chrysler benefited from illegal tax deals with the Luxembourg authorities. The EU said these deals represented unfair state aid and ordered to reclaim between €20m and €30m.