Trinity Biotech in pre-tax profits dip

THE weakness of the US dollar coupled with lower American sales of its main HIV testing product led to a fall in second-quarter pre-tax profits for Irish medical test kit manufacturer, Trinity Biotech.

Pre-tax profits for the three months to the end of June were down to $1.79million (€1.13m), from $3.04m (€1.91m) in the corresponding period last year. For the first six months of the year, Trinity’s pre-tax profits came in at $2.9m (€1.8m) — down from $5.76m (€3.63m) in the first half of last year. The company’s revenue in the second quarter was down marginally on a year-on-year basis — from $37.4m (€2.36m) to $36.3m (€22.9m); while on a half-year basis the decline was slightly more pronounced with numbers falling from $74.14m (€46.8m) to $70.54m (€44.53m), year-on-year.

Despite these figures, the company’s chief financial officer, Kevin Tansley said: “We have made significant progress this quarter. Revenues have grown by 6% and profit after tax has increased by 44% over the first quarter. We have continued to successfully control costs, with SG&A [selling, general and administrative] expenses showing a decrease over the first quarter.”

Chief executive, Brendan Farrell added: “We are happy with our performance this quarter. Revenues from our Clinical Laboratory and Point of Care divisions have both increased over the previous quarter.”

More in this section

The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Our Covid-free newsletter brings together some of the best bits from, as chosen by our editor, direct to your inbox every Monday.

Sign up