New York-based Eastman Kodak, which employs 300 people in Youghal, Co Cork, has reported a net profit of $272 million (#233 million) in the fourth quarter of 1998, compared with a loss of $744 million (#636 million) in the same period the previous year. But it said performance had been hurt by difficulties in Russia.

Unadjusted earnings per share were 83 US cents (71 cents) after a loss of $2.29 a share in the final three months of 1997. Market analysts were looking for earnings per share of $1.15 (98 cents). Sales in the fourth-quarter declined 6 per cent from the year-earlier period to $3.563 billion.

For the full year, net earnings surged to $1.39 billion (#1.19 billion) from $5 million (#4.28 million) in 1997. Unadjusted earnings per share came to $4.24 (#3.63), compared with one US cent in the previous year. Full-year sales fell 8 per cent to $13.406 billion from $14.538 billion in 1997.