Cork unit of Alps Electric back to profitability

The Cork-based unit of Japanese manufacturing firm, Alps Electric, returned to profit last year after a jump in revenues.

The firm employs almost 400 at its Millstreet base and new accounts show that Alps Electric (Ireland) Ltd last year recorded a pre-tax profit of €1.28m in the 12 months to the end of March 31, 2014, following a pre-tax loss of €281,975 in fiscal 2013.

The firm returned to profit after revenues increased by 11% from €48.75m to €54.15m.

According to the directors’ report, the firm successfully introduced new products during the year and continued to developadditional business.

The firm last year paid a dividend of €800,000.

The report also stated that the recovery of the euro against the US dollar and Japanese yen resulted in reduced material costs during the financial year while the firm improved internal improvement programmes to increase efficiencies through the efforts of all employees.

The principal activity of the firm is the manufacture of electronic parts and modules for the automotive industry.

The directors state that they will continue the firm’s activities of the manufacture of electronic parts and modules while actively pursuing new markets. The firm last year recorded an operating profit of €1.27m compared to an operating loss of €269,142 in fiscal 2013.

Net operating costs last year increased from €48.74m to €52.7m. The loss last year takes account of non-cash depreciation costs of €1.58m.

The numbers employed by the company last year decreased from 396 to 386, with staff costs increasing from €13.1m to €13.47m.

A breakdown of the numbers employed show that 315 were directly employed with 71 indirectly employed.

The firm paid out €287,246 in redundancy costs in fiscal 2013, but no such payments were made last year.

Pay to directors, including pension contributions, reduced from €332,003 to €306,690.

Accumulated profits last year increased to €8.7m. The firm’s cash last year reduced from €377,106 to €458,972.