Starbucks profits rise 47% to €721k

The Irish arm of coffee giant Starbucks increased its profits by 47% to €721,327 in 2012 — but paid no corporation tax.

Abridged accounts just filed by Ritea Ltd show the firm recorded an increase in pre-tax profits after its gross profit increased by 4% from €2.41m to €2.49m in the 12 months to the end of September 30, 2012.

The accounts for the Irish firm show that the company increased operating profits by 40% from €570,450 to €801,416 in 2012 with net interest payments totalling €80,089 reducing profits.