Intel Communications Europe, an Irish-based subsidiary of the world's biggest maker of semiconductors Intel Corporation, made a pre-tax profit of $589,396 (€594,780) in 2001.
The Intel subsidiary, which was formed in March 2000, following the acquisition of Basis Communications, has also renegotiated its grant agreement with IDA Ireland.
The subsidiary, which specialises in high end research and development activities, got $246,453 in employment grant aid from the IDA in the year to December 29th, 2001. But under an agreement negotiated in 2001, all grants are now centralised by Intel Ireland. Intel Communications generated turnover of $5.79 million in the 12 months to December 29th, 2001, compared to $6.17 million in the previous 18 months.
This turnover represents the amounts, excluding VAT, receivable for the provision of research and development services to Intel. Pre-tax profit during 2001 was $589,396 compared to $278,029 in the previous 18 months.
Profit carried forward at December 29th, 2001, was $647,740, when the profit carried over from the previous 18-month period is added. Staff numbers at the subsidiary increased to 53 in 2001, up from an average of just 27 employees in the previous 18-month period. Salaries paid by Intel Communications during 2001 amounted to $3.38 million, up from $2.07 million in the previous 18 months.
Intel agreed to acquire Shannon-based Basis Communications in March 2000 for $463 million in cash and assumed options in the media. Earlier this year Intel Communications released its first Irish designed microprocessor, the IXP425. It is a processor which is designed to improve network routing on broadband networks.
