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.