Maxol’s pre-tax profits plunge by 74%

THE McMullan brothers, owners of the Maxol oil company, were paid€1.7 million in dividends last year, despite pre-tax profits at the company plunging 74% to €3.5m.

Noel, Malcolm and Max McMullan are directors of the firm and the dividend paid is up from €1.2m in 2007.

According to accounts just filed the company said it expects difficult trading conditions in 2009 with declining volumes due to the economic recession.