Kentech reveals loss of $5.9m
Cork-based engineering group Kentech reported a loss of $5.9m (€4.3m) in 2008, even as turnover rose marginally to $116m, new accounts just filed for the business show.
The company, which employs nearly 3,000 people and reports its financial figures in US dollars, is primarily engaged in the provision of engineering services to the global petrochemical industry, although it also works in other sectors.
A company spokesperson said yesterday that preliminary results for 2009 showed revenue had climbed 20pc and that the company had returned to profitability, with a strong order book for 2010.
Kentech's directors described the 2008 loss as "disappointing" and said the move into the red was the result of tax-related charges incurred as a result of accounting errors in Kazakhstan, and arbitrary tax changes introduced by the Russian government. Kentech has been working on a liquefied natural gas project there.
The loss for 2008 at Kentech compared to a $2.6m loss in 2007.
Bank borrowings due after more than a year jumped from $7.6m in 2007 to $25.8m in 2008. Its principal banker is National Irish Bank.