Hasbro Ireland doubles profit as revenue falls
Hasbro Ireland, which makes board games and jigsaws, has reported a profit of €848,000 for last year, nearly double the €438,000 it made in 2010.
Revenue fell from €17.2 million in 2010 to €16.7 million last year, according to accounts just filed at the Companies Office.
However, its pretax profit increased to €976,000 during the period ending December 25th, 2011, up from €909,000.
The company, which has been in Waterford since 1977, employed an average of 241 people last year, down from 243 the previous year and 272 in 2009. Aggregate payroll costs dropped to €9.8 million from €10.5 million in 2010. While Hasbro Ireland had net liabilities of €4.1 million, it continued to be “profitable and cash generative”, according to the directors’ report.
The directors said they were “confident that the company has adequate financial resources to continue in operational existence for the foreseeable future”.
They said performance was primarily influenced by increased global competition in contract manufacturing and by foreign exchange movements.