Mixed fortunes for Esso Ireland last year

The Irish arm of international energy giant Exxon Mobil last year sustained a pre-tax loss of €9.25m despite revenues climbing by 8% to €706.7m.

According to accounts filed by Esso Ireland Ltd, pre-tax losses at the energy firm increased by 19%, from €7.7m to €9.2m, in the 12 months to the end of December last. Revenues rose from €654.5m to €706.7m.

The directors said: “The business climate in Ireland has continued to be extremely challenging. Despite this, turnover increased by 8% but at the expense of gross margin. Continued vigilance has ensured that other costs have been reduced despite inflationary pressures.”

Esso Ireland’s cost of sales increased from €622.7m to €679.9m, while distribution costs fell from €31.9m to €27.5m. Administrative expenses dropped from €4m to €3.8m.

The main activity of the company is the distribution and marketing of petroleum products in Ireland.

The figures show that Esso Ireland’s operating losses last year increased by 7.5%, from €4.2m to €4.5m. A €486,000 loss on the sale of tangible assets saw the company’s losses increase to €5m.

However, interest payable of €3.46m and other finance expenses of €773,000 increased the company’s losses to €9.2m. The loss takes account of a non-cash depreciation of €4.3m.

Tax paid of €3.1m resulted in Esso Ireland’s post-tax losses rising to €12.3m.

The company paid no dividend last year and its accumulated profits at the end of last year were €7.9m.

Esso Ireland’s shareholder funds stood at €15.9m at the end of last year.

The figures show that the company last year employed 24 people, on average, with staff costs increasing from €3.9m to €4.7m.

Emoluments to directors last year increased marginally, from €288,000 to €289,000.

The company recorded a gain of €2m on its pension scheme last year.

Last year Esso Ireland Ltd’s parent Exxon Mobil had global revenues of $467bn (€362bn) and pre-tax profits of $73.2bn.