Molex back in profit as revenues rise during 2013

The owner of the exclusive five-star hotel that last week entertained Kanye West and Kim Kardashian, last year saw his Shannon-based electronic component manufacturer return to profit.

Major shareholder and co-chairman of US-based firm, Molex, Fred A Krehbiel, opened Ireland’s most exclusive hotel at Ballyfin in Co Laois in 2011.

Last week, the hotel played host to the celebrity couple on their honeymoon and now new accounts show that Krehbiel’s Molex Ireland Ltd returned to profit to record pre-tax profits of €3.83m.

This followed the firm recording pre-tax losses of €925,000 in fiscal 2012.

The firm’s return to profit came after revenues increased by 26% from €50.39m to €63m in the 12 months to the end of June 30 last.

Today, the firm is one of the biggest employers in the Shannon Free Zone with numbers employed going from 362 to 374 last year.

Last year, the US parent recorded global revenues of $3.6bn.

Former CEO with Molex, Mr Krehbiel purchased the Ballyfin home set on 600 acres of parkland and woodland in 2002 for a reported €7 million and has spent millions more since restoring the Regency mansion.

Its online advertised rates for its 15 rooms for June, July and August ranged yesterday from €1,075 to €1,700 per night — a single person can book a room for €900 per night.

Ireland’s links with Molex date back more than 40 years when the US firm opened its second overseas plant in Shannon in 1971.

The directors’ report states: “The company expects the general level of activity to increase and the company will continue to trade profitably. The outcome for the year was in line with expectations.”

The directors state that the principal business risks faced by the company in the future include currency risks in dealing with entities with non-Euro denominated currencies, global pricing pressures and the competitive pressures from competing emerging markets.

Numbers employed at the firm last year increased from 362 to 374, with 306 engaged in production, 53 in administration and 15 in sales and marketing. Staff costs increased from €17.8m to €19.8m.

The profit last year takes account of non-cash depreciation costs of €4.18m. Directors remuneration, including pension contributions last year reduced from €233,000 to €189,000.