Airline food company Gate Gourmet dishes up smaller profit
OPERATING profits at the Irish arm of Gate Gourmet, the Swiss-owned firm which produces meals for airline passengers, more than halved to €428,000 last year.
The sharp decline came as turnover dipped to €10.2m from almost €10.7m, new accounts for the business show.
Despite the slump in operating profits, directors at the Irish unit insisted the subsidiary "performed strongly" in 2011.
"We are constantly seeking new opportunities and the directors hope to further expand the business in the foreseeable future and anticipate continued profitability in the coming year," they note in the accounts.
Gate Gourmet's operating expenses edged slightly higher, to nearly €2.8m, in 2011. It received interest income of €432,400 last year compared to €329,100 in 2010.
The company employed 138 people at the end of 2011, with 119 of them involved in production. The Irish division is based at Dublin Airport.
Gate Gourmet provides catering services to airlines all over the world and serves about 250 million meals every year.
At one stage it was owned by private-equity giant Texas Pacific Group. It sold the last of its stake in the business, to Merrill Lynch, in 2007.