Quinn Group, owned by businessman Sean Quinn, said it will report a full-year profit of up to €500 million, maintaining its forecast even after a “challenging” first quarter.
“While trading is reduced we remain comfortable that as outlined in January the group will generate cash profits in 2009 of between €400 million and €500 million” the company said in a first-quarter trading update published on its website.
No figure was given for 2008 profit.
The Quinn Group includes cement and plastic manufacturing and insurance.
Ranked as Ireland’s richest man in 2008 by the Sunday Times Rich List, he also owns the Belfry golf course in England, which has hosted the Ryder Cup.
Quinn Group made a loss of €425 million in 2007 after writing down the value of its investment in the now nationalised Anglo Irish Bank.
Mr Quinn and his family owned 15 per cent of the bank.
“Sales of cement and related products have reduced by 40 per cent for the first quarter while sales of insulation products, glass and packaging products, bolstered by continuing higher than expected exports, have exceeded budget,” the statement said.
Bloomberg