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Symantec swings into €6.6m loss

THE Irish operations of software giant Symantec swung to a €6.6m loss last year after the firm took a €14m hit on one of its Dublin properties as well as €28m worth of impairment charges on its investments.

Based in Dublin's Blanchardstown, Symantec's Irish operation employs more than 860 people and boasted revenues of €1.48bn in the year to April 2009.

Those sales were down marginally on the previous year's €1.53bn, leading to slightly lower gross profits of €717m.

Progress on the operating profit line was far more dramatic, with last year's €14.4m loss contrasting starkly with profits of €21.9m a year earlier.

The difference stemmed from the €14m property charge -- related to the company's decision to vacate one of its Dublin offices and provide for an "expected sales value" below the asset's carrying value -- and the €26m investment impairment charge related to the company's investments in subsidiaries.

Despite the losses, Symantec paid tax of almost €17.5m, leaving the company with a post-tax loss of just over €24m, against post-tax profits of almost €13m a year earlier.

Irish Independent