Wednesday 13 December 2017

Most finance chiefs back state sale School publisher enjoys €1.2m profit Snow causing havoc for small businesses O'Brien's aviation firm loses altitude Expanding Petrogas posts profit of €3m


NEARLY two-thirds of finance leaders believe the selling off of State utilities should be considered as a way of raising revenue. A survey carried out by Hays Recruitment found that 64pc of respondents favoured selling off the utilities, while some 60pc would back a third, higher tax band. "The decision not to touch the semi-states through a privatisation programme is seen as something of a missed opportunity by our respondents," Hays Ireland's managing director, Richard Eardley, said.

School publisher enjoys €1.2m profit

PANTHER Educational Investments, the owner of the CJ Fallon school book publishing company, generated profits of €1.12m after tax in 2009. Turnover was €28m last year, down from €31m in 2008. Profits were up from a loss in 2008 of €2.41m. Panther is majority owned by private equity company Boundary Capital, which took a 67.2pc stake in the business in May 2007.

Snow causing havoc for small businesses

SMALL businesses are staring at multimillion euro losses as the severe weather continues to cause havoc. The Small Firms Association said yesterday it had been inundated with calls from companies reporting business interruption on a wide scale, with distribution companies the worst affected.

O'Brien's aviation firm loses altitude

PRE-TAX profits at Denis O'Brien's aircraft leasing company, Aergo Capital, last year dropped by 69pc to $2.6m (€1.9m). The company and subsidiaries sustained the drop in profits in spite of revenues increasing three fold from $49.2m in 2008 to $150.6m to the end of December last. The accounts show the group's profits were hit by the business incurring foreign exchange losses of $25.7m last year.

Expanding Petrogas posts profit of €3m

PETROGAS, owner of the Applegreen filling station business, had sales of €309m last year and profits of just under €3m, according to accounts filed with the Companies Registration Office. The company has won the contract to operate six services stations for the National Roads Authority's motorway system. Petrogas already operates 53 sites in Ireland. Sales were up from €244m in 2008 but profits fell on the back of acquisition costs. The business has assets worth €139m, according to the filed accounts. Operating profits in 2009 were €5.9m, down from €8.6m. The fall came on the back of a €1.1m increase in the cost of servicing debts.

Irish Independent

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