PayPal International, a Dublin-based subsidiary of the eBay-owned online payments firm PayPal, reported a profit of $1.7 million (€1.2 million) for 2008, down from $17 million a year earlier.
In 2007, PayPal International earned an exceptional amount of $6.9 million from the disposal of its investment in PayPal Europe, which relocated its headquarters from Ireland to Luxembourg in July of that year.
During 2007 PayPal International moved into the role of holding company.
It holds investments in various PayPal subsidiaries, as well as excess group cash funds.
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On February 25th this year, the company loaned $70 million to its wholly-owned subsidiary PayPal Private.
