DHL Irish arm profits up 53% on air freight lift

Pre-tax profits at the Irish arm of international distribution giant DHL have increased 53% to €2.47m, driven by its main international air freight business.

New accounts lodged by DHL Express Ireland Ltd show revenues rose 5% to €88.45m. The company “continues on a successful growth path and 2016 marks the sixth consecutive year of profit for the company”, it said.

Seven years ago DHL here closed five of its service centres, with the loss of 300 jobs.

In the latest accounts, the firm said growth and savings have reduced costs.

The company now employs 335 people, including 188 staff working in management and 147 in administration. It had total staff costs of €18.24m.

The directors of the Irish firm are listed as Bernard McCarthy, Michael Farrell and Philip Couchman.

Their cumulative pay fell from €657,000 to €596,000. Mr Couchman resigned from the board in July 2016. The directors’ pay included €127,000 of benefits under a long-term incentive scheme.

The accounts show that “other operating charges” increased from €63.3m to €66.39m.

It had interest payments and other financial expenses of €244,000.

The company had a post- tax profit of €2.14m after paying corporation tax of €331,000.

At the end of December, the company had shareholder funds of almost €5.35m. Its cash pile rose from €12.5m to €16.4m.