HP GALWAY RETURNS TO PROFIT

Date Published: 25-Aug-2012

The Galway based unit of technology giant Hewlett Packard recorded a pretax profit of 6 point 2 million last year despite a 26 percent drop in revenues.

Numbers employed at the Ballybrit site also increased last year from 268 to 378, however that figure has now been exceeded.

Accounts filed with the companies office show that HP Galway limited recorded a pretax profit of 7 point 8 million dollars, following a 12 point 57 million dollar loss in 2010.

That’s a positive swing of 20 point 3 million dollars.

The Irish Times reports the chief factor behind the firm returning to profit was an exceptional cost of 18 point 5 million dollars towards additional pension payments in 2010 that did not recur last year.