Engineering firm’s ‘relatively good year’ despite profit fall

THE Limerick-based engineering group, Kirby Engineering stated yesterday that 2010 was “a relatively good year” for the group in spite of pre-tax profits declining by 34% to €1 million.

According to finance director with the Kirby Group Engineering Ltd, Derry McMahon, the pre-tax profit last year of €1m “was a good result in terms of the extremely challenging trading conditions. We are satisfied with the performance”.

The drop in profits follows revenues at the group decreasing by 14% from €67.5m to €57.9m in the 12 months to the end of December last.