Profit at Cork PepsiCo company loses fizz over higher costs

Pretax profit at a Cork-based unit of PepsiCo lost some of their fizz last year in spite of revenue increasing by 2 per cent to more than $1.786 billion. (€1.623 billion).

New accounts filed by Pepsi-Cola International Cork with the Companies Office show that the business recorded a 14 per cent drop in pretax profit to €5.36 million due to higher costs.

The company paid corporation tax of $330,000 from the comparatively low pretax profit of $5.36 million on the $1.786 billion revenue.

The low pretax profit arose mainly from cost of sales totalling $1.738 billion.

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The main activity of the company is the sale and distribution of concentrate for beverages and food flavours.

The directors state that dividends of $25 million were paid out during the year.

At the end of December last, the firm had shareholder funds of $137 million that included cash of $30.9 million.

Numbers employed by the firm increased from 44 to 46 with staff costs increasing from $5.13 million to $5.62 million.

Separate accounts by another Irish-based Pepsi firm show that pretax losses last year increased more than fivefold from €103,688 to €530,513.

This came in spite of revenue increasing at Pepsi Co Ireland Food and Beverages UC from €16.45 million to €16.7 million.

The company’s main activity is the merchandising of snack foods in Ireland and the distribution of juice beverages here.

On the risks facing the firm, the directors state that the uncertainties faced are a reduction in consumer demand for Walkers branded snack products which the company merchandises in Ireland.

Numbers employed by the company increased from 45 to 48 with staff costs increasing from €3.5 million to €3.99 million.