Irish subsidiary of food giant sees profits drop
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.
“The outlook for 2005 remains very challenging as the business seeks growth in its power brands,” it added.
Turnover for the year was up by just over €100,000 at €59.8 million.
Even with the fall in profits the dividend payment to the parent company was just from €5.4m to €7.5m. The outflow resulted in Kraft Foods Ireland retaining a loss for the year of €768,000.
Kraft are the owners of some of the biggest brands in the world, including Maxwell House coffee, Toblerone chocolate bars, Ritz crackers and Philadelphia cream cheese.
