Esso Ireland posts pre-tax loss of €9.6m

THE IRISH arm of international energy giant Exxon Mobil sustained a pre-tax loss of €9.6 million last year as gross revenues decreased 16 per cent to €1.1 billon.

Accounts filed by Esso Ireland Ltd show that the company sustained the €9.6 million pre-tax loss after recording a pre-tax profit of €1.2 million in 2008.

The firm’s operating losses of €3.6 million to the end of December last year were 29 per cent down on the operating losses of €5.9 million sustained in 2008.

The figures show that Esso Ireland’s gross turnover decreased 16 per cent from €1.38 billion to €1.1 billion last year.

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

As a result, the company’s net turnover last year decreased by 29 per cent from €838.6 million to €595.3 million.

The figures show that the company’s cost of sales dropped by 31 per cent from €806.2 million to €556.3 million.

The directors’ report shows a “weakening of the economy in 2009 reduced turnover”. The company paid no dividend last year and its accumulated profits at the end of last year was €20.3 million.