Irish arm of software giant Oracle grew profits 79pc to $55m last year
AN Irish subsidiary of US software giant Oracle recorded a 79pc increase in pre-tax profits to $55m (€41m) last year, new accounts just filed with the Companies Office show.
Dublin-based Oracle East Central Europe Ltd increased its turnover by 26pc to $214m to the end of May last year.
The filings show that the company, which produces and sells computer software for the Central European market, paid a dividend of $140m to its US parent last year.
The directors state in their report that they were "satisfied with the performance of the company during 2011".
The main activity of the firm -- based at East Point Business Park in Dublin -- is to sell computer software and hardware products and related services in Russia, Ukraine, Belarus, Estonia, Bulgaria, Mongolia, Albania, Macedonia, Malta and the Baltic states.
The numbers employed by the firm remained at 64 last year made up of 57 in sales staff and seven employed in administration.
The firm's operating profits last year increased by 82pc from $30.6m to $55.8m.
After the profits and dividend payout are taken into account, the firm's accumulated profits fell from $178.9m to $87.1m. Cash held by the firm last year reduced from $201.3m to $128m.
The company's cost of sales last year totalled $79.3m compared to $63.9m in 2010 with the firm's administrative expenses increasing from $75.2m in 2010 to $79.2m last year.
The figures show that the Baltic States accounted for $24.3m in revenues with $11.7m generated in Bulgaria and $5.3m recorded in Macedonia or Malta.
Oracle was founded in 1977 by Larry Ellison, who remains the corporation's chief executive. Globally, last year, Oracle increased its revenues by 32pc to $35.6bn.