Pre-tax losses at Shannon-based electronics manufacturer, Molex Ireland last year increased 11 fold to €7.9m.
It follows last month’s shock announcement that the US owners of the company would close the plant with the loss of 500 jobs.
In announcing the closure of the facility, the company blamed the situation on the majority of products made at the Shannon facility having insufficient financial returns and growth potential.
Now, new accounts show that while losses last year soared at the Shannon based Molex Ireland Ltd last year its revenues declined by 6.5% from €93.4m to €87.35m.
The pre-tax loss of €7.9m followed pre-tax losses of €687,000 in 2017.
The company recorded operating losses of €7.6m and net interest payments of €251,000 resulted in the pre-tax loss of €7.9m.
The accounts only filed in recent days at the Companies Office were signed off in June and the attached directors’ report gives no clue to the October decision taken by the US parent to shut the plant down.
According to the directors’ report , the principal risks facing the company include global pricing pressures and the competitive pressures from competing emerging markets.
The figures show that numbers employed increased from 474 to 480 last year as staff costs went up from €26.8m to €28.18m.
Shareholder funds at the end of last year totalled €13.3m that included accumulated profits of €10.6m.
