Alps Electric saw profits drop 46.3%
Alps Electric (Ireland) Limited saw pre-tax profits fall by €1.77m, in the year to April, 2002, to €2.05m from €3.8m, a year earlier.
Sales also fell from €89.4m to €72.2m, a near 20% fall figures filed with the Companies Registration Office reveal.
As sales and profits fell in 2002 the company closed its manufacturing base in Killarney where 300 people were employed and consolidated all manufacturing at their plant in Millstreet where more than 400 people are employed in a 56,000sq ft manufacturing facility.
However, despite the falls in sales operating profits remain steady at €4.25m and was impacted by an exceptional item presumed to be coats associated with the closure and redundancies at the Killarney plant. This had a once off impact of knocking €1.56m from the bottom line.
The company has considerable debts and paid €515,789 in interest on loans which fell from €11.1m to €1.6m during the year.
The company also took a €4.23m depreciation hit and all bank loans are secured by the parent company in Japan, ALPS Electric Co. Ltd., a Japanese public company which was founded in 1948.
Alps is one of the world’s largest independent manufacturer of electromechanical components.
ALPS Electric (Ireland) Ltd. was founded in Millstreet in 1988 as a manufacturing base of ALPS Customers in Europe.
