Sale helps Gama to record €10m profit

CONTROVERSIAL Turkish construction company Gama has recorded a profit at its Irish operation following the sale of part of its stake in the Tynagh electricity plant in Galway.

The company, which has faced accusations of underpaying Turkish workers in Ireland, made a profit of €10.1 million in 2006 compared to a loss of €44.9m in the previous year, newly-filed accounts show.

But the profit is mostly down to the gain in the sale of its 40% stake in the 380 megawatt Tynagh plant to a subsidiary of US industrial giant General Electric in April 2006. Excluding the exceptional gains Gama remained loss-making at operating level.