Truck importer lost €5.4m in 2012

The Dublin-based commercial vehicle importer and distributor, Armalou recorded pre-tax losses of €5.4m in 2012 after write-downs in property and investments.

The group imports and distributes various brands in Ireland, including DAF and Hyster, and its revenues reduced by 13% to €29.43m in the 12 months to the end of December 2012.

In accounts just filed with the Companies Office, the group said it recorded the loss after incurring a property write-down of €4.1m and amount written-off in investments totalling €468,263.

The pre-tax loss in 2012 followed a pre-tax loss of €4.79m in 2011. The company’s directors state that excluding these two items, the group operated a loss of €832,721 for the year.

The loss includes non-cash depreciation costs of €691,579.

Armalou’s principal activity is the import, distribution and retailing of commercial vehicles, forklift trucks, generators and spare parts for DAF, Hyster and SDMO.

According to the directors’ report “the group has longstanding and close relationships with its various suppliers and has worked together with them to manage its operations through the difficult economic climate which prevailed during 2012 and 2011”.

Numbers employed fell from 186 to 173 in 2012, and staff costs reduced from €5.14m to €3.08m, while directors’ pay increased from €722,326 to €737,013.