A round-up of today's other stories in brief

Xilinx Ireland profits down 92%

Pre-tax profits at the Irish arm of US technology firm, Xilinx last year plunged by 92 per cent to $10.5 million (€7.9 million), writes Gordon Deegan.

Accounts just filed by Xilinx Ireland to the Companies Office show that revenues at the firm last year fell by 5 per cent, from $523.6 million to $496.8 million, in the 12 months to the end of April 3rd, 2010.

The figures show that the company paid a dividend of $83 million to its parent during the period. It also implemented a restructuring plan resulting in the loss of 120 of the 350 jobs at the plant.

The job cuts cost Xilinx $8.9 million in redundancy payments.

The dividend payment last year followed a dividend pay-out of $101 million in 2009 and brings to almost $2 billion the amount the company has paid out in dividends since 1999.

Clothing retailer Next maintains forecast for full-year profit

Next, the UK’s second biggest clothing retailer, maintained its forecast for full-year profit after increased sales at the Directory home-shopping unit helped offset a slump in revenue at the company’s stores.

Directory sales rose 8.7 per cent between August 1st and December 24th, the retailer said. Revenue at stores open at least a year fell 6.1 per cent, due partly to snowy weather, which Next says cost it £22 million in lost sales.

The heaviest early snowfalls in 17 years last month fuelled growth in online sales. Next gets more than a quarter of revenue from its Directory unit, where shoppers can order on the Web or by phone. – (Bloomberg)

UN body warns of 'food price shock'

The world faces a “food price shock”, the Food and Agricultural Organisation warned, after its benchmark index of farm commodity prices shot up to a nominal record last month, surpassing the levels of the 2007-2008 food crisis.

The warning from the UN body comes as inflation is becoming an increasing economic and political challenge in developing countries and is starting to emerge as a potential problem even in developed nations, including the UK and those in the euro zone.

Abdolreza Abbassian, senior economist at the FAO in Rome, said the spike was “alarming”, but added that the situation was not yet a crisis similar to 2007-2008, when food riots rocked more than 30 poor countries from Bangladesh to Haiti.

“The world faces a food price shock,” he told the Financial Times. – (Copyright The Financial Times Limited)

AIB gets approval for Goodbody sale

Allied Irish Banks, in which the Government is taking a 92.8 per cent stake, has won regulatory approval from the Central Bank for the €24 million sale of its stockbroking unit, Goodbody, to Fexco.

“Regulatory approval has been granted and the transaction is expected to complete shortly, a spokesman for AIB said.

Eircom appoints interim CFO

Mark Wilson has been appointed as interim chief financial officer (CFO) at Eircom.

The company says it has initiated an external search for a CFO. This follows the surprise departure of former CFO Peter Cross from the company in December.

Mr Wilson has held senior financial roles with a number of large multinationals.