Profits among Cork firms decline as energy costs bite, report shows

Some of the cost pressure may be alleviated in the next quarter as last month Electric Ireland announced its business customers can anticipate lower energy bills.

Soaring energy bills drove profit decline among 73% of Cork firms in Q1, compared to 29% in the same period last year.

High energy costs reduced the profitability of businesses in Cork in the first three months of the year, new analysis has shown.

Soaring energy bills drove profit down among 73% of Cork firms in Q1, compared to 29% in the same period last year, according to the latest Economic Trend report by Cork Chamber in association with Permanent TSB.