THE group constructing the €205 million Ennis bypass last year sus- tained an operating loss of €48 mil- lion, according to accounts filed with the Companies Office.
GAMA Construction Ltd last April missed its deadline to complete the Ennis bypass and is expected to com- plete the project next month.
Accounts filed by GAMA Con- struction show that the GAMA group of companies in Ireland suffered an operating loss of €48 million.
However, arising from the sale of its 40 per cent share in a power plant at Tynagh, County Galway for €55 million, the company recorded a profit before tax of €10 million last year.
This follows the company sustain- ing a €44 million loss in 2005.
The accounts show that the com- pany had a turnover of €81 million in 2006, but the cost of sales was €111 million, leaving a gross loss of €29 million. The profit before tax re- duced its accumulated loss at the end of the year to €49 million.
The accounts also show that the company employed 373 at the end of 2006, comprising of 304 Irish and 69 Turkish workers.
According to a statement accompa- nying the accounts, “Gama Construc- tion Ireland Limited commenced op- erations in Ireland in 2000 and is ina erowth phase of its development.
“It is reliant on the continued finan- cial support from its parent under- taking, Gama Holdings A.S. Gama Holdings A.S. has indicated to the eroup that it is committed to continu- ing to provide this financial support
to the group.
The principal activity of the group is that of a turnkey construction contractor for power and industrial plants, dams, buildings and roads.
Overall, results for 2006 decreased in terms of turnover and the company continued to incur operating losses in 2006. The company made a profit on the sale of fixed and financial assets in the year.
At the year end, the group had three main projects ongoing, the Ennis by- pass, the Monaghan bypass and Bal- gaddy C.