Quinn Group pre-tax profits from glass up 31%

The combined businesses of Irish entrepreneur Sean Quinn made pre-tax profits of at least EUR 57 million in 2002, according to accounts recently filed with the Irish Companies Office.
The Northern Ir…

The combined businesses of Irish entrepreneur Sean Quinn made pre-tax profits of at least EUR 57 million in 2002, according to accounts recently filed with the Irish Companies Office. The Northern Ireland-based cement and glass manufacturing operations of Sean Quinn reported a 31% increase in pre-tax profits in 2002 to EUR 15.1 million (GBP 10.3 million), according to accounts filed recently in Belfast. Mr Quinn said his businesses would make a profit of EUR 150 million in 2003. Gross profits for Quinn Group Ltd came in at GBP 39.9 million, while operating profits amounted to GBP 16.5 million. After paying Corporation Tax of GBP 2 million, the group carried GBP 8.2 million forward to the balance sheet. Quinn Group had net assets at the end of last year of GBP 107 millon (EUR 157 million).