Profits drop 21% at Irish subsidiary of US software and hardware giant Oracle

The main Irish subsidiary of US software and hardware giant Oracle had a 21% drop in pre-tax profits to €164.4m last year in spite of revenues increasing to €7.24bn.

Accounts filed by Oracle EMEA Ltd to the Companies Office show the firm’s pre-tax profits dropped by €44.5m as revenues increased by 3% from €7.04bn to €7.246bn.

The firm sustained the slump in profit as a result mainly of non-cash amortisation of intellectual property costs increasing more than sevenfold from €35m to €251m.