PRETAX PROFITS at the Irish subsidiary of US-owned healthcare manufacturer CR Bard fell in 2009 by 32 per cent to $100.2 million (€75 million), despite increasing revenues.
According to accounts recently filed with the companies office, Dublin-based Bard Shannon Ltd increased revenues by 5 per cent from $694.2 million to $729.6 million to the end of December 2009.
Despite the increase in revenues, pretax profits dropped by $47.2 million, from $147.4 million to $100.2 million in 2009.
The directors’ report for the holding company, attached to the accounts, states they expect the trend in increased turnover to continue.
However, the directors said that the increase in revenues “has been offset to a large extent by a corresponding increase in the costs of materials, labour and overheads”.
CR Bard is a leading multinational developer, manufacturer and marketer of medical technologies in the fields of vascular, urology, oncology and surgical speciality products.
Bard markets its products and services worldwide to hospitals, healthcare experts and extended-care facilities.
The $729 million turnover represents 29 per cent of the corporation’s global sales in 2009 of $2.5 billion. It employs 11,000 worldwide.
During 2009, the Irish-based holding company made a payment of $4.4 million to its US parent. The company states that the dividend is made “in connection with the parent company’s plans to repatriate foreign earnings which were previously taxed for US tax purposes”.
The filings show the company’s cost of sales increased by 18 per cent from $328 million to $389 million in 2009.
The accounts show that the company’s operating profit fell by 30 per cent from $144 million to $99.5 million. The company paid $15.4 million in corporate taxes.
At the end of December 2009, the firm had accumulated profits of $822 million.
A breakdown of the company’s turnover showed that $420 million was generated in Europe and $308 million in the “rest of world”.
People employed by CR Bard companies was 1,448 – an increase of 114 on the 2008 figure. However, no breakdown is provided in relation to numbers employed in Ireland.
The holding company’s subsidiaries are based in Spain, Portugal, Mexico, Germany, Belgium, Italy, France, Puerto Rico, Poland, Greece, Russia, Brazil, the UK, the Czech Republic and Switzerland.
The figures show that the company’s aggregate payroll costs increased from $95.7 million to $100.2 million.
