Operating profits at the former Quinn manufacturing group last year declined by 57% to €18.6m.
The group, now known as the Aventas Manufacturing Group Holdco Ltd, is made up of four core businesses —container glass, construction industry supplies, plastics & packaging and radiators.
Aventas is 75% owned by its former creditors, mainly banks and hedge funds, with the remainder held by its principal former lender, the Irish Bank Resolution Corporation in liquidation.
Last week Aventas confirmed the sale of its radiator business for €25m.
New accounts just filed by Aventas Manufacturing Group Holdco Ltd show that the group sustained the drop in operating profits after revenues decreased by 2% from €679.88m to €666.75m in the 12 months to the end of December last.
It recorded a pre-tax loss of €12.2m after interest payments of €37.9m and a profit of €8m on an asset disposal are taken into account.
Operating profits declined from €43.48m to €18.6m and a foreign exchange loss of €9m last year compared to a foreign exchange gain of €13.7m in 2012 was a major factor in the profit decline.
The pre-tax loss last year takes account of non-cash depreciation costs of €40.74m.
The group’s shareholder funds last year decreased by 7% from €298.1m to €277m.
Staff costs reduced from €114m to €112m. Aggregate remuneration for directors last year fell from €3.3m to €2.3m.with the highest paid director receiving €910,000.
The firm’s executive directors are listed as Paul O’Brien, Paul Donnelly and non-executives listed as Mike McTighe, Brendan Tuohy, Patrick Murphy, Eugene McCague and Stephen Webster.
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