Turnover falls at Topaz but fuel firm reverses loss to make €2.3m profit
Irish fuel chain Tozpaz made a profit of €2.3m in the 12 months to the end of March, reversing a near €5m loss the year before.
Accounts just filed with the Companies Registration Office for its 2015 financial year show that revenue at the firm fell slightly from €3.05bn to €2.95bn, with Irish sales dropping from €2.73bn to €2.53bn. The company said that the drop was mainly due to a reduction in commodity prices.
However, earnings before deductions increased from €23.7m to €26.1m while the amount of interest it paid out on loans and related charges fell by about €3m. The firm made a full-year profit of €2.25m compared to a loss of €4.84 the year before.
Topaz is owned by businessman Denis O'Brien. Mr O'Brien is also the largest shareholder in Independent News & Media, which owns this newspaper.
The number of people employed by Topaz rose from 1,512 in its 2014 financial year to 1,564 in 2015. A spokesman for the group said that the business is performing well and is benefiting from a "substantial investment which has been made over the past 12 months".