Pre-tax profits at Intel Shannon up 18pc to $4.2m
Pre-tax profits at the Shannon-based R&D arm of chip giant, Intel, last year increased by 18pc to $4.2m (€3.1m).
Last year, Intel Shannon Ltd announced a €50m investment at its research plant involving the creation of 134 jobs developing "the most advanced silicon technology on the planet".
The investment in the development of Intel's nanotechnology will bring to 300 the number employed at the firm's 'Irish Design Centre' in Shannon before the end of 2012.
In accounts recently filed by Intel Shannon Ltd to the Companies Office, they show the company's turnover increased by 33.7pc from $38.1m to $51m in the 12 months to the end of December 26 last year.
The figures show operating profits increased by 27pc from $3.2m to $4.1m.
The company had lower interest payments receivable last year at $149,599 compared to $392,819 in 2008.
The board included the General Manager of Intel Ireland, Jim O'Hara, who resigned in September when he retired as Intel's general manager.
The company increased its workforce from 188 to 207 during the year with the numbers engaged in R&D increasing from 150 to 154.
As a result of the increase in staff, the company's staff costs increased by 8pc from $19m to $20.5m.
The accounts show that the company's cost of sales last year increased from $30.6m to $42.7m, while the company's administrative expenses declined from $4.2m to $4.1m.
The filings show that the company has $18m in shareholder funds with $6.7m in accumulated profits.
On future developments, the directors state the company "will continue to research and develop improvements in communication and networking technologies".
Intel Shannon's general manager Johnathan Walsh last year said the development of leading-edge '32 nanometre' design at Shannon "is literally the most advanced silicon technology on the planet".
He said: "No one else on the planet is dealing with more advanced technology".
The project at Shannon involves the development of a new chip with improved design for embedded applications. Staff deal with nanometres which is a billionth of a metre and gives 3,000 electrical devices on the width of a human hair.