Dublin car dealership reports €555,000 loss

DENIS Mahony Holdings, the Dublin-based car dealership, saw a drop in both pre-tax and operating profits for the full year to the end of October 2008, according to recently filed accounts.

The company had a pre-tax loss in the year of just over €555,000, compared with a profit of more than €2 million in the previous year.

Turnover fell slightly from €95.7m to €66.2m.

The accounts read: “In common with many companies in the motor industry, the group has experienced difficult trading conditions in the second half of 2008 and early 2009 due to both the VRT changes implemented in July 2008 and the significant downturn in the Irish economy.

“To address these difficulties, the directors and senior management have implemented a comprehensive restructuring plan. The directors are confident that the group will improve its trading position, as a result of the implementation of this plan, over the coming year in order to return the group to profitability.”

The directors recommend payment of a dividend post year end amounting to €27,642.

The company, which acts as dealer for the Toyota, Mercedes-Benz and Lexus brands is based in Kilbarrack in north Dublin.

It counts Denis Mahony and John Mahony as directors.