Quinn Group results 'very disappointing'

THE QUINN Group has described as “very disappointing” its 2009 results which showed the group made a pre-tax loss of €852 million.

As first revealed in yesterday's Irish Times,the Quinn Group reported an operating loss of €888 million for 2009, the last year the business was under the full control of Seán Quinn.

The group had made a pre-tax profit of €83 million in 2008.

Most of the group’s pre-tax loss was linked to a €644 million loss at its Quinn Insurance subsidiary.

The group said that the priority for the board since April 2010 had been the refinancing of the group’s indebtedness.

An agreement on the restructuring of the debts had been reached on April 14th this year which will permanently relieve the manufacturing business of more than €500 million of these debts.

On the future outlook for the group, chairman Patrick O’Neill said that the company’s divisions are “well invested and hold strong positions in their respective markets”.

The Quinn Group’s four main divisions are: container glass, plastics and packaging, radiators and construction projects.