Debt deal leads to near-€900k income

The Dublin-based commercial vehicle importer and distributor Armalou has recorded an €876,796 gain after negotiating a debt writedown.

Accounts show the group recorded pre-tax profits of €400,506 in the 12 months to the end of December 2013. It had recorded a pre-tax loss of €3.84m in 2012.

A note with the accounts shows that, subsequent to year end, the group concluded negotiations on restructuring its debt.