This article is from page 12 of the 2008-06-10 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 12 JPG
ONE of the largest employers in the Shannon area, Molex Ireland Ltd, suffered a loss last year due to a €6 million restructuring charge. Accounts filed with the Compa- nies Office show that the company sustained an operating loss of €1.49 million to the end of June 2007. In
2006 operating profit was €2.3 mil- lion. According to the accounts, the loss is made up of a €5.656 million restructuring charge and a fixed asset write off of €971,000.
However, the overall financial health of the company remains very strong with accumulated profits of €61 million. The company has other reserves of €33 million.
Underlining the contribution the company makes to the Clare econ- omy, Molex spent €22.6 million on staff costs last year, down slightly from €23 million in 2006.
The accounts show that 533 people were employed at the plant at the end of last June, an increase on the 501 employed at the plant twelve months previously. Some 454 employees are
engaged in production. The sales and marketing team has been cut back from 22 to 15.
The accounts show that the compa- ny increased the size of its business by 17 per cent in 2006, from €122 million to €143 million. Cost of sales in 2007 was €128 million.
The large rise in administrative ex- penses from €11.2 to €15.5 million,
which includes the restructuring charge, resulted in the company re- cording an operating loss of €1.499 million. The accounts show that a loss before tax of €8,000.
The US-owned Molex is engaged in the manufacture of electrical compo- nents and according to the accounts, directors expect a general level of ac- tivity to continue.