Pre-tax profits slide at oil firm despite rise in revenue

PRE-TAX profits at the largest Irish-based public and private company outside the financial services sector dropped by 24% last year in spite of revenues climbing by 31% to $29.1 billion (€21.4bn).

According to accounts just filed by the main Irish subsidiary of Mexican oil company Petroleos Mexicanos, the company’s pre-tax profits in the 12 months to the end of December last declined from $531 million (€389m) to $410.2m (€300m).

The figures show that the holding company — which has no employees and is based at the International Financial Services Centre in Dublin — paid a dividend of $300m (€220m) last year.