Oil distributor records pre-tax loss of €1.4m

A Cork-based oil importer and distributor slipped into the red last year in spite of a massive jump in revenues to €449.4m.

According to accounts just filed with the Companies Office, they show World Fuels Market Ltd recorded a pre-tax loss of €1.4m in spite of revenues increasing by 75% from €258m to €449.4m in the 12 months to the end of December 2011.

The directors’ report states: “In 2011, the group had significant growth in sales volumes and revenues as it expanded its product line and customer portfolio.”

The directors state that the 75% increase in revenues “was achieved in a very difficult trading environment with overall market demand declining. The strong revenue growth resulted in several operational challenges and costs that are not expected to re-occur”.

The directors add: “Whilst the financial performance of the group in 2011 was below directors’ expectations, the outlook for 2012 is positive as margins on sales improve.”

The loss last year follows the group recording a pre-tax profit of €2m in 2010.

The figures show that the group last year recorded a profit of €778,156 before interest payments.

Interest payments totalling €2.1m compared to interest payments totalling €777,000 contributed to the €1.4m loss.


Keep chomping on those carrots so your eyes will be in perfect working order for that prolonged annual gaze through the keyhole as Home of the Year returns for a sixth series next week.Home of the Year offers a good excuse for a bit of good-natured interiors voyeurism

They differ from the more prevalent oranges we eat because their flesh, and often the skin, is crimson or deep red in colour.Michelle Darmody: The best time of year to buy blood oranges

The annual Members Exhibition now underway at the Lavit Gallery in Cork features 92 works from 72 artists.The exhibition runs until March 7.Under the hammer: Your guide to upcoming auctions

There’s an oriental theme at the James Adam ‘At Home’ auction in Dublin, says Des O’SullivanAuctions: Sale full of eastern promise

More From The Irish Examiner