Irish subsidiary of food giant sees profits drop

PROFITS at the Irish subsidiary of American food giant Kraft fell by nearly 15% last year.

Accounts for the company just filed at the Companies Registration Office (CRO) show pre-tax profits decline to €7.65 million.

“Overall turnover and gross profit for the period ended 11 December 2004 were at a similar level to 2003. Pre-tax profit declined by €1m reflecting an increase in administration expenses. The main driver being an increase in pension costs due to a special contribution to the pension fund during the year,” the company said.