The country’s largest taxi firm plunged further into the red last year to record pre-tax losses of €111,033.
National Radio Cabs Ltd has over 700 taxis on the road and has transported more than 17m passengers since it was established in 1957. Each day, the firm records 4,000 separate taxi rides through its system.
New accounts filed by the Dublin-based firm show the pre-tax loss last year followed a pre-tax loss of €1.77m in fiscal 2012.
The chief factor behind the 2012 loss was a €1.6m property writedown. The figures show the firm did make an operating profit of €27,389 in the 12 months to the end of February, but net interest payments of €138,422 resulted in the pre-tax loss.
The lower operating profits at National Radio Cabs — down from €33,684 in 2012 — follow the firm’s gross profit last year reducing by 13.5% to €1.759m.
The firm recorded a post-tax loss of €127,312 after it incurred €16,279 in taxes on its losses.
According to the directors’ report, “in common with all companies operating in Ireland in this sector, the company faces risks and uncertainties such as competition and increasing costs. The directors are of the opinion that the company is well-positioned to manage these risks”.
National Radio Cabs was established in 1957 with 12 taxis and has today expanded to over 700 vehicles — with 10% wheelchair accessible — including Ireland’s first electric taxis. The firm provides a service to more than 800 corporate customers.
The report adds that “the company will continue to compete for market share in its trading environment and will endeavour to mitigate the impact of any negative economic and market pressures”.
Staff costs, including directors’ remuneration, last year decreased from €1.56m to €1.41m.
Remuneration for the firm’s four directors, Liam Brady, Michael Branagan, Eugene McLaughlin, and Peter Kelly last year fell from €371,835 to €341,334. The firm’s bank borrowings totalled €2m at the end of February last.
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