Oil distributor records pre-tax loss of €1.4m

A Cork-based oil importer and distributor slipped into the red last year in spite of a massive jump in revenues to €449.4m.

According to accounts just filed with the Companies Office, they show World Fuels Market Ltd recorded a pre-tax loss of €1.4m in spite of revenues increasing by 75% from €258m to €449.4m in the 12 months to the end of December 2011.

The directors’ report states: “In 2011, the group had significant growth in sales volumes and revenues as it expanded its product line and customer portfolio.”