Profits halve at duty-free retailer ARI
Pre-tax profits at Shannon-based duty-free operator Aer Rianta International almost halved last year to €18.9m.
Revenues in the US and Europe reduced sharply last year while income at ARI Middle East increased by 12pc from €3.1m to €3.54m. The firm's operating profit increased by 6.7pc from €4.49m to €4.8m.
The firm recorded the drop in profits despite revenues increasing 4pc from €59.7m to €62.1m in the 12 months to the end of December last, according to accounts filed by the Dublin Airport Authority subsidiary.
The decrease in profit "arose from a reduction in income from financial assets and investments due to a reduction in dividends received from subsidiaries and associated undertakings, including associated undertakings disposed of in 2011", according to the filing.
The business created the first duty-free shop at Shannon in 1947 and revenues generated in the Commonwealth of Independent States (CIS), with Russia its largest member, accounted for 94pc or €58m of ARI's revenues last year.