Thursday 5 December 2019

Not well: Whitegate refinery's $15.4m loss

Refinery: The Whitegate facility in Cork harbour
Refinery: The Whitegate facility in Cork harbour

Gordon Deegan

Departing executives at the company that operates the Whitegate oil refinery in Cork harbour last year shared a pay-off of $2.04m (€1.84m).

The 'termination benefits' for directors at Canadian-owned Irving Oil Whitegate Holdings Ltd contributed to higher costs at the company resulting in the business recording a pre-tax loss of $15.4m.

The refinery, in place since 1959, supplies 40pc of Ireland's petroleum needs. The loss of $15.4m followed a pre-tax profit of $14.3m in 2017 - a negative swing of $29.79m.

The company suffered the loss as revenues increased by 30pc from $1.55bn to $2bn. The loss-making performance arose from the company's oil purchases of $1.93bn accounting for 95.5pc of sales compared to 2017 purchases of $1.43bn that accounted for 92.5pc of that year's sales.

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Whitegate recorded an operating loss of $6.36m and foreign exchange losses of $2.46m along with non-cash depreciation costs of $5.5m. Those came alongside other losses of $1m.

Irish Independent

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