Pre-tax profits fall 17% at oil importers

PRE-TAX profits at a Cork-based oil importer and distributor declined by 17% in 2010 to €3.6 million in spite of revenues climbing to €258.6m.

According to accounts recently filed with the Companies Office, revenues at World Fuels Market Ltd increased by 84% from €140.1m to €258.6m in the 12 months to the end of December 2010.

The pre-tax profit last year of €3.69m compared to €4.4m in 2010. A factor behind the lower profits in 2010 was the company incurring interest payments totalling €606,244 that resulted in lower pre-tax profits as interest payments in 2009 totalled €341,583.

According to the directors’ report “the company continued to grow its sales and expand its product lines.

“The market conditions were challenging in 2010, but business performed in line with the expectations of its directors”.

The principal activity of the group is the importation and distribution of oil and coal products, the storage of oil for third parties and related consultancy service.

The directors state that “the group continues to participate in the joint venture arrangement, Atlantic Fuel Supply Company, which has constructed an oil import terminal at Foynes, Co Limerick”.

The company has two directors, Sandra O’Callaghan and Chris O’Callaghan.

At the end of December 2010, the company had accumulated profits of €9.8m with shareholder funds amounting to €14.8m.

The numbers employed, including directors, last year declined from 34 to 23.

Remuneration for directors increased from €404,375 to €422,386.

The cost of sales increased from €125.2m to €244.9m Operating profits declined from €4.9m to €4.3m.

The directors do not recommend payment of a dividend.

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