GARUDA LTD, the Tipperary company run by former Fine Gael government minister Michael Lowry, made a pre-tax profit of €454,815 in the year to the end of December 2007, according to accounts just filed, writes Colm Keena.
This compares with a pre-tax profit in the previous year of €472,668.
The lower level of profit occurred despite an increase in turnover to €6.2 million from €5.99 million. Shareholders' funds at year's end were €1.46 million.
The company was the subject of an authorised officer's inquiry some years ago and made a tax settlement of €1.2 million in 2005 after a Revenue inquiry.
When contacted, the now Independent North Tipperary TD said he was pleased the company had survived a very difficult period. "It's a very competitive market and it's a struggle to contain rising costs," he said.
Mr Lowry said the impact of rising fuel costs in 2007 was reflected in the accounts of the refrigeration installation and maintenance business.
"All our engineers are mobile and incurring the additional transport costs that every company has to bear at this time."
The company has expanded its operational base and now provides services to a number of supermarket groups. The directors are Mr Lowry and his brother Patrick, and directors' emoluments were €252,887. In their report accompanying the accounts they state the biggest threats facing the company are "competitors within the industry and rising labour costs".
