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€1.6m loss for Daiwa

THE Irish arm of Japanese firm Daiwa Securities expects to return to profitability this year after recording a pre-tax loss of €1.6m last year.

Revenues dropped by 18pc from €19.5m to €15.9m to the end of March last year, according to accounts recently returned to the Companies Office.

The Dundalk-based firm had a €2m pre-tax loss in 2009.