Lowry firm’s profits up 13%

THE refrigeration company owned by former Fine Gael minister Michael Lowry, Garuda, saw pre-tax profits increase 13% to €515,871 last year.

According to accounts just filed for the firm the directors have “no plans which would significantly alter the activities of the company”. The principal risk facing the company is the current economic downturn, according to the accounts.

The company is involved in the installation and maintenance of refrigeration equipment.

The directors did not recommend the payment of a final dividend.

The accounts said that included in debtors at the year end is €44,073 owing from Abbeygreen Consultants, a company with common directors and shareholders.

Gross profits increased to just over €1.5 million from €1.1m.

The retained profit for the year was up from €356,020 in 2007 to €435,957.

In September 2007 it was revealed Mr Lowry, who is now an independent Tipperary TD, made a €1.4m settlement to end the Revenue Commissioners’ investigation of his tax affairs. The Revenue found Garuda had underpaid VAT, PRSI and PAYE of €706,612. In addition to this, the Revenue hit the independent TD with interest and penalties of €554,638.

Mr Lowry also made an individual settlement of €192,129 for under-declaring his income tax.

The investigation into Mr Lowry’s affairs began following the findings of the McCracken Tribunal.