Wednesday 17 January 2018

Esso's €5.8m loss is fifth in a row for petrol giant

Gordon Deegan

ESSO Ireland made another large loss last year, despite rising sales.

The Irish arm of Exxon Mobil has reported a pre-tax loss of €5.8m for its 2012 financial year, despite the fact that revenues climbed 2pc to €718m.

This still represents a 36pc improvement on 2011, when losses reached €9.2m, despite the fact its cost of sales increased during the year from €679.4m to €689.1m.

The company has now made a loss for the last five consecutive years at least.

This is causing consternation at its parent, which last year had global revenues of $486bn and pre-tax profits of $78.7bn.

Esso's pensions scheme continues to pose serious problems too. A loss of €18.47m on this scheme contributed to total losses of €22.7m for the year.

Esso employed 24 people last year. Staff costs dropped to €3.6m from €4.7m a year earlier. Payments to directors increased marginally to €299,000 from €289,000.

Irish Independent

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