Monday 19 March 2018

$1.19bn profit for Forest subsidiary

THE main Irish subsidiary of US-owned pharmaceutical firm Forest Laboratories this year more than doubled its pre-tax profits to $1.19bn (€864m).

Latest filings with the Companies' Office show pre-tax profits rose 155pc from $466.9m to $1.19bn in the 12 months to the end of March this year.

The company secured the pre-tax profit after revenues increased by 20pc from $2.66bn to $3.2bn. Last year, the subsidiary paid a dividend of $3bn to its US parent, but this fiscal year paid none.

Signature sells office block for €26.2m


CIARAN McNamara's investment house, Signature Capital, has sold a Birmingham office block for €26.2m. Located in a prime city-centre office pitch, the 63,400sq ft building is let to Direct Line insurance and is opposite Snow Hill railway station at 10-15 Livery St. German investor Deka Immobilien has bought the building in a deal which will generate a yield of 6.4pc. Signature's website says it has €600m of assets under management in the UK, Germany and the US.

Close Brothers extends operations


CLOSE Brothers, the UK's specialist finance services group, has extended its operations to the Republic. Having offered invoice finance here since 2007, the newly formed Close Brothers Commercial Finance operation in Dublin says it will provide tailor-made packages for SMEs and large businesses that span both asset and invoice finance.

Earnings at General Motors down 5.9pc


TOP US carmaker General Motors said its third quarter earnings fell 5.9pc from a year earlier and that Europe's turmoil would keep earnings flat in the current period. GM, maker of the Chevrolet and Cadillac brands, said net profits in the quarter to September 30 were $2.09bn (€1.54bn), compared with $2.22bn a year earlier. The figure was sharply lower than the previous quarter's $2.50bn. On a fully diluted basis, earnings per share fell to $1.03 from $1.20 a year earlier.

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