Irish arm of TNT in the red after global cyber-attack

Pre-tax losses at the Irish arm of logistics firm TNT Express more than doubled to €2.2m last year, after its parent group was hit by “a crippling” cyber-attack.

[timg]CyberCrime281015_large.jpg[/timg

New accounts filed by Dublin-based TNT Express Ireland Ltd show that the company’s losses increased by over 130% in the 12 months to the end of May.

The Irish operation posted revenues of €36m in the 12 months, compared with almost €52.6m it generated in its previous financial year of 17 months.

The year under review coincided with a global cyber-attack on TNT Express, which cost the business worldwide $400m (€353m) for the 2018 financial year.

The cost was primarily from the loss of revenues triggered by the huge disruption to shipments in the TNT Express network, as well as from additional costs to restore operations.

The cyber attack, which was called NotPetya, occurred on June 27, 2017 and involved the spread of an information systems virus through a tax software product from Ukraine.

READ MORE

Immediately following the attack, it mounted contingency plans to recover TNT Express operations and communications systems.

The directors’ report for the Irish arm states that “no data breach or data loss to third parties is known to have occurred”.

Last year, the firm’s costs increased by €224,600, after it paid “compensation for loss of office” to one or more unnamed directors.

Staff numbers fell from 154 to 135, and staff costs, last year, amounted to €8.1m.

More on this topic

€40m remains unpaid by tax defaulters in last two years

Donohoe standing by promises for major tax cuts

Financial advisors baffled by Irish discriminatory savings tax rates

Carbon and company tax proposed for ‘socially fair budget’

More in this Section

Communications firm Edelman names three new directors as business doubles in size

UCC professor wins two top international dental research awards

Government urged to do more to incentivise wind energy investment

Teeling exploration firm weighing up future ownership of Limerick zinc project


Lifestyle

Capturing the castle: Johnstown Castle in County Wexford is well worth checking out

How nature can work wonders for body and soul

Making Cents: Consumer guide to entering PcP car loan contracts

Podcast Corner: An introduction to podcasts

More From The Irish Examiner