Exxon loses despite 8% revenues increase
THE IRISH arm of international energy giant Exxon Mobil last year sustained a pre-tax loss of €9.25 million, in spite of revenues climbing by 8 per cent to €706.7 million.
According to accounts just filed by Esso Ireland Ltd, pre-tax losses at the energy firm increased by 19 per cent, from €7.7 million to €9.2 million, in the 12 months to the end of December last. Revenues increased by €52.2 million, from €654.5 million to €706.7 million.
“The business climate in Ireland has continued to be extremely challenging,” according to the directors.
“Despite this, turnover increased by 8 per cent but at the expense of gross margin. Continued vigilance has ensured that other costs have been reduced despite inflationary pressures.”
The figures show that the company’s cost of sales increased from €622.7 million to €679.9 million, while distribution costs decreased from €31.9 million to €27.5 million. The company’s administrative expenses dropped from €4 million to €3.8 million.
The figures show that Exxon Mobil’s operating losses here last year increased by 7.5 per cent from €4.2 million to €4.5 million. A €486,000 loss on the sale of tangible assets increased the company’s losses to €5 million. However, interest payable of €3.46 million and other finance expense of €773,000 increased the company’s losses to €9.2 million.
The loss also takes account of a non-cash depreciation of €4.3 million. Tax paid of €3.1 million resulted in the company’s post-tax losses increasing to €12.3 million.