Profits plunge 90% at IITC

IRISH International Trading Corporation (IITC), the Cork-based hardware supplier, saw its profits plunge 90% last year due to a €2.7 million hit from the write down of development land and AIB shares.

The company reported pre-tax profits of €311,482 in the year to the end of 2008 compared with €3.4m in the previous year. Turnover fell from €51.3m to €50.8m.

It said, however, that given the “dramatic downturn” in the economy in 2008, the directors were “satisfied” with turnover.