Esso Ireland shows pre-tax losses of €9.6m as revenues fall 16%

THE Irish arm of international energy giant Exxon Mobil last year sustained a pre-tax loss of €9.6m as gross revenues decreased 16% to €1.1 billion.

Accounts just filed with the Companies Registration Office by Esso Ireland Ltd show the company sustained the loss after recording a pre-tax profit of €1.2m in 2008.

The accounts show that operating losses of €3.6m to the end of December last year were 29% down on the operating losses of €5.9m sustained in 2008.

The figures show that the company’s gross turnover decreased 16% from €1.38bn to €1.1bn last year.

However, higher VAT rates resulted in Esso Ireland’s VAT and excise duties payments, topping €560m last year compared with €545m on a higher turnover in 2008.

As a result, the company’s net turnover last year decreased by 29%, from €838.6m to €595.3m The figures show that the company’s cost of sales dropped by 31%, from €806.2m to €556.3m

The company secured a gross profit of €38.9m, but distribution and administrative costs totalling €42.4m resulted in the company sustaining an operating loss of €3.6m last year.

Last year, the company’s losses were increased by the company sustaining a loss of €2.5m on the disposal of assets and this was in contrast to the €7.1m profit the company made on disposal of assets that allowed the company to record a €1.1m pre-tax profit in 2008.

According to the directors’ report “weakening of the economy in 2009 reduced turnover”.

The company paid no dividend last year and the company’s accumulated profits at the end of last year were €20.3m.

The figures show that the company last year employed 27 people on average with staff costs last year reducing from €4.4m to €3.6m.

The figures show that emoluments to directors last year decreased from €367,000 to €258,000.

Last year Esso Ireland Ltd’s parent Exxon Mobil had global revenues of $301bn (€216bn) with pre-tax profits of $34.7bn (€25bn).


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