Indaver made €2m profit in 2004

The Irish subsidiary of a Belgian firm planning to build two incinerators in the Republic had €2 million profit in 2004, according to recently lodged figures.

Figures lodged with the Companies' Registration Office (CRO) in Dublin show that Indaver Ireland, which plans to build incinerators in Cork and Meath, had a turnover in 2004 of €26.6 million, up €2.6 million from €24 million the previous year.

Indaver specialises in the management and disposal of municipal and hazardous waste.

The company made an operating profit of €1.9 million in 2004, slightly ahead of the €1.87 million it recorded a year earlier.

Interest earnings of over €106,000 boosted its operating earnings and it ended 2004 with pre-tax profits of just over €2 million, marginally ahead of the €1.96 million it posted in 2003.

It made no dividend payments to shareholders, and after paying tax on its profits of close to €300,000, its profit for the year was €1.7 million, slightly ahead of the comparable 2003 figure of €1.675 million.

On Thursday Indaver Ireland said it was seeking permission from Meath County Council to increase the capacity of its proposed incinerator at Duleek by 50,000 tonnes.

The company has planning permission for a facility that will burn 150,000 tonnes at the site, but has since lodged an application seeking leave to increase this to 200,000 tonnes.

It is also attempting to get permission for two incinerators for hazardous and non-hazardous waste for a site in Ringaskiddy in Cork Harbour.

Those plans are the focus of strong local opposition. The Ringaskiddy and District Residents' Association recently began a High Court challenge to an Environmental Protection Agency (EPA) decision to grant the company a licence for the facilities.

Indaver Ireland's balance sheet for December 31st 2004 shows the company to be in a strong position. Shareholders' funds were €10.6 million, up from €8.8 million a year earlier.