Oracle’s Irish unit in the red on higher costs

The main Irish subsidiary of US technology giant Oracle went into the red last year in spite of revenues increasing by 8% to €8.7bn.

New figures lodged by Oracle EMEA Ltd to the Companies Office show the firm recorded a pre-tax loss of €10m compared with a profit of €109m in 2015.

The directors stated the company suffered an operating loss, but that they expected “the company will continue to trade successfully and return to profitability in future periods”.