Carrolls profits slump by €20m

PROFITS at PJ Carroll cigarette company fell by more than €20 million last year, according to its most recent accounts. Carrolls, which has been in business for 180 years, said profits plunged because of restructuring of the company.

Pre-tax profits for the year ended December 31, 2003, were €6.4m compared to €27.5m the previous year. The firm took a €10.4m hit on the reorganisation.

“The exceptional operating expenses relate to the costs incurred in a major reorganisation in the company’s marketing operations. These exceptional expenses comprise redundancy and pension augmentation costs together with other ancillary costs,” it said.