Dividend income and royalties boost profits to €1.1bn
Profits at the main Irish arm of medical product giant, Abbott increased more than fourfold to €1.1 billion last year. Abbott Laboratories Vascular Enterprises recorded the sharp increase in profits through €716.9 million in dividend income received mainly from two Irish subsidiaries and net royalty income totalling €374.3 million.
The Dublin-registered firm employs 228 and the figures show that it paid no corporation tax on its profits last year.
Revenues increased by 2 per cent to €264.8 million in 2011. The company recorded a gross loss of €6.6 million following a gross loss of €7.2 million in 2010.
The profit last year compared to a profit of €240.1 million in 2010 when no dividend income was received.
The directors “anticipate the company’s trading position will continue to improve in the future”.