Pre-tax losses continue to mount at GAMA Ireland

PRE-TAX losses last year continued to mount at the Irish arm of the Turkish- owned construction firm that came under scrutiny in 2005 over allegations that it underpaid migrant workers.

In documents just filed with the Companies Office, they show that GAMA Construction Ireland’s pre-tax losses last year amounted to €3.1m after losses of €12.7m in 2009.

The loss was recorded last year after revenues continued to decrease from €3.6m to €1.1m.

The company’s accumulated losses at the end of December last stood at €85.6m after a number of years of successive losses in the Irish market.

The continuing fall off in revenues at the company confirms the dramatic scale back by the Turkish construction giant in its Irish operations.

The company’s turnover last year of €1.1m compares to €81m in 2006 when it employed 273 people.

It employed just eight at the end of last year, though the directors state that the company is “actively seeking new contracts”.

According to the directors’ report “overall results for 2010 have decreased in terms of turnover and the company continued to incur operating losses in 2010”.

The company had a shareholders’ deficit of €6.6m after called-up share capital of €79m was taken into account.

A note attached to the accounts states that “the company is presently subject to legal proceedings being taken against it by former seconded workers for non-payment of emoluments which they believe are due”.