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Country's biggest taxi firm posts losses

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Model Julie Kavanagh celebrates the birthday of National Radio Cabs

Model Julie Kavanagh celebrates the birthday of National Radio Cabs

Model Julie Kavanagh celebrates the birthday of National Radio Cabs

The country's largest taxi firm plunged further into the red last year to record pre-tax losses of €111,033 following a write-down on property values.

National Radio Cabs Ltd has more than 700 taxis on the road and has transported over 17 million passengers since it was established in 1957.

Each day, the firm records 4,000 separate taxi rides through its system and now, new accounts filed by the Dublin-based company show that the firm recorded the pre-tax loss after recording a pre-tax loss of €1.77m in fiscal 2012. The chief factor behind the 2012 loss was a €1.6m property writedown.

Figures show that the firm did make an operating profit of €27,389 in the 12 months to the end of last February but net interest payments of €138,422 resulted in the pre-tax loss.

Operating profit of €27,389 followed an operating profit of €33,684 the previous year.

The firm recorded a post-tax loss of €127,312.

The figures show that the firm's shareholder funds declined last year from €1.4m to €1.27m. The firm's cash also declined sharply from €363,795 to €265,108.

According to the directors' report "in common with all companies operating in Ireland in this sector, the company faces risks and uncertainties such as competition and increasing costs. The directors are of the opinion that the company is well positioned to manage these risks."

The firm was established in 1957 with 12 taxis and has expanded to over 700 vehicles today.

The firm provides a service to over 800 corporate customers.

The figures show that the firm's loss takes account of €158,700 in non-cash depreciation costs.

The filings show that the firm directly employed 41 with 23 in its call centre and 18 in administration.

Staff costs, including directors' remuneration, last year decreased marginally from €1.56m to €1.41m.

The firm's bank borrowings totalled €2m at the end of February.

Irish Independent