The Irish subsidiary of Declan Ganley’s communications technology firm recorded a profit of over €200,000 last year, according to accounts just filed to the Companies Office.

Rivada Networks Limited reduced its accumulated losses by €208,484 to €942,818 in the 12 months to December 31st 2014, the company's financial statements show.

Mr Ganley (47), a Galway-based businessman and political activist, established the company in 2005. It is a subsidiary of Rivada Networks International LLC, based in Virginia, USA.

The accounts show that the Irish firm has tangible assets valued at just €6,245 and employs seven people, comprised of one administrator and six managers. Collectively, they were paid €715,189 last year.

The directors of the company are listed as Mr Ganley and Ken Fields, a 54-year-old trader based in New York. The firm's directors were paid €265,306 in 2014, according to the accounts.

Rivada Networks Ltd reduced the amount owed to long-term creditors by €288,360 to €107,916 during the accounting period, while the amount falling due to creditors within one year increased slightly by €91,527 to €904,556.

The company’s cash balance also increased last year, rising by €14,094 to €60,645 at December 31st 2014.

Mr Ganley's first entrepreneurial successes included timber export and the privatisation of sawmills and forestry assets in Latvia and Russia in the late 1990s. These were sold to a group led by business magnate George Soros in 1997.