Profits 'more than doubled' at the main Irish subsidiary of consumer products giant Procter & Gamble (P&G) in 2017.
Newly filed accounts for its Irish manufacturing division showed a pretax profit of €25.5 million in the 12 months to the end of June 2017, compared to €11.7 million a year earlier, reports Irish Times.
Much of those profits derived from discontinued operations, with just €9.1 million coming from current operations.
Turnover for the company, which employs close to 500 people at its oral care facility in Newbridge, Co Kildare, dropped from €97.9 million to €75.4 million.
Ownership Transferral
Revenues, however, declined for the multi-national consumer goods corporation a year after it transferred ownership of its Nenagh plant to Rimmel London owner Coty in October 2016.
The group portfolio which includes Oral-B, Pantene, Crest and Gillette, reportedly sold 43 of its beauty brands to Coty in a $12.9 billion (€12.13 billion) deal that saw its Nenagh plant being transferred to its rival.
According to the Irish Times, just months after taking ownership of the facility, Coty announced the phased closure of the site with the loss of more than 200 jobs. Final shutdown of the plant was scheduled for the end of 2018 but occurred last month.
Employee numbers at Procter & Gamble’s Irish unit reportedly fell from 600 people to 471 during the period with related costs dropping from €46.2 million to €32.4 million.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
