Pre-tax profits plunge at Irish arm of software firm Novell
Pre-tax profits at the Irish arm of Novell Software dropped 46pc last year to $50m (€44.3m), despite revenues increasing.
The firm recorded a pre-tax profit of $93.1m in its previous financial year.
Revenues in the 12 months to the end of March 31 last year increased from $273.48m to $286.89m.
The company - based at the Sandyford business estate in Dublin - acts as the principal for the Novell group operations in the Europe, Middle East and Africa territories.
It develops, sells and installs enterprise quality software that is positioned in the operating systems and infrastructure software layers of the information technology industry, and employs 91 people at its Dublin base.
The decrease in profitability "is primarily due to the profit on disposal of intellectual property contract rights in the prior year," according to the directors' report.
"Turnover has increased versus prior period. There are no significant increases in forecast revenues for 2015. Cost of sales and distribution costs have increased. Administrative expenses have decreased due to cost-saving initiatives. There are no significant increases in forecast costs for 2015," the firm's directors said.
Accumulated profits at the firm last year reduced from $60.85m to $18.17m arising from the dividend payout. The firm's shareholder funds totalled $81.38m, which included cash of €35.37m.
Staff costs at the firm last year increased from $6.76m to $7.84m, with staff numbers dropping from 97 to 91.