Tesco Mobile profits fall as revenue surges

Profits decreased sharply at UK retail giant, Tesco’s mobile business in Ireland last year in spite of revenues increasing by 58% to €34m

The joint venture business between Tesco and O2 Ireland was established in October 2007 and new figures returned to the Companies Office for Tesco Mobile Ireland Ltd show that the firm recorded a pre-tax profit last year of €286,000 after profits of €5.37m in 2011.

The sharp drop in profit arises mainly from administrative expenses more than tripling from €5.64m to €17.1m. The firm’s revenues during 2012 increased by €12.5m from €21.5m to €34m.