A round-up of the other finance news of the day in brief...
Profits rise for Irish 'Mail' titles
The publisher of the Irish editions of the Mail on Sundayand Daily Mailhas reported a 40 per cent rise in operating profit to almost €1.6 million in 2009.
The latest accounts filed by Associated Newspapers (Ireland), show that its accumulated deficit had fallen to €65.5 million, from €66.8 million, by the end of the 53-week period to October 4th, 2009.
Turnover rose by 2.3 per cent to almost €19.4 million during the period. However, the directors highlighted the need for continued financial support from its parent company to enable it to continue as a going concern.
The company’s staff levels had risen from 102 to 135 by the end of period. However, it paid out almost €380,000 in redundancy costs in the year.
Wexford firm fined for overcharging
A Wexford-based financial services provider has been fined €23,000 by the Financial Regulator for overcharging customers.
It was found that Culleton Insurances inadvertently applied excessive broker fees to some customers’ policies between August 2004 and October 2007.
The regulator also agreed with the company a schedule of repayments to affected customers or to charity.
The breaches were discovered during an inspection by the Financial Regulator. The regulator said the firm “acted promptly to rectify the issues”, including the appointment of an independent auditor.
The Regulator found that the company applied fees in excess of the maximum fees advised in the firm’s terms of business document.
€1.67 package for DCC chief executive
The chief executive of business supports services group DCC received a total remuneration package worth €1.67 million in the year ended March 31st, 2010, compared to €1.53 million in the previous year.
According to the company’s annual report, Tommy Breen’s 2010 package comprised a salary of €700,000, which was matched by a bonus of the same amount. He also received a pension contribution of almost €250,000, and other benefits.
The remuneration package of chief financial officer Fergal O’Dwyer was worth €792,000, up from €756,000 a year earlier.
The company’s non- executive chairman Michael Buckley received €225,000 in fees.
