Car dealership returns to profit despite ‘difficult year’

DESPITE “another difficult year” Limerick car dealer Frank Hogan has returned to profit.

Pre-tax profits were €174,959 at Mercedes- Benz dealer Frank Hogan Limited in the year to the end of March 2010 compared with a loss of €1.3m in the previous year.

The company said the continued uncertainty in the banking sector and the lack of credit resulted in a challenging year. However, the introduction of the car scrappage scheme in January 2010 helped to boost demand new car sales by around 10,000 units in the full calendar year. New car sales were down 12.5% as compared to the prior year for the April to March period, but added the car scrappage scheme had a positive effect on the quarter four results to March 31, 2010, accounting for 6.5% of new car sales.