Cork cola firm lacking fizz as revenues fall 16%

Revenues at the Cork arm of soft-drink giant PepsiCo decreased by 16% with lower volumes of Pepsi cola concentrate shipped out of the region last year.

Accounts filed with the Companies Office by Pepsi-Cola International Cork show it paid corporation tax of $1.37m (€1.2m) in 2017, while revenues fell to $1.75bn (€1.53bn).

This arose from the comparatively low pre-tax profits of $6.26m that came as a result of the cost of sales totalling $1.7bn.

According to the directors’ report, the drop in revenues was primarily “due to a change in the global concentrate supply model within the PepsiCo Inc Group, which resulted in decreased volumes from Cork in 2017 compared to the prior year”.

The post-tax profit for the year was $4.89m.

At the end of December, the firm had shareholder funds of $202m.

Numbers employed reduced from 46 to 44 with staff costs reducing from $5.96m to $5.13m.

The firm paid $2.2m for an exclusive beverage supply contract with Subway outlets, the accounts revealed.

PepsiCo first set up in Cork in 1974.

Separate accounts by another Irish-based Pepsi firm show it narrowed its pre-tax losses by 73% to €103,688 last year.

This followed revenues dipping at Pepsi Co Ireland Food and Beverages UC from €17m to €16.45m.

The company’s main activity is the merchandising of snack foods in Ireland and the distribution of juice beverages here.