The four motor dealerships owned by Dublin businessman Paraic Mooney had combined sales last year of more than €102 million, but newly filed accounts show that only one of them turned a profit before tax.
In the motor trade for 30 years, Mr Mooney controls the well-known Nissan dealership EP Mooney.
The company owns a landmark showroom on the Long Mile Road in west Dublin and two other outlets.
Mr Mooney also owns the Volvo outlet Koping and Renault dealer Finn Reddy, which are adjacent to each other on the Naas Road outside Inchicore. He also owns Modo Cars in Finglas, which sells the Mitsubishi and Hyundi marques.
The latest accounts show that only Koping was profitable in 2004, reversing pretax losses of €666,898 in 2003.
With turnover increasing to €31.16 million from €27.94 million, the outlet recorded a pretax profit of €103,207. At year-end, the company had retained losses of €1 million. The accounts for EP Mooney, the biggest of Mr Mooney's companies, show that the value of its sales grew to €43.18 million from €37.98 million.
But while the company's operating profit rose to €120,869 from €97,764, it had pretax losses of €80,416 in 2004 and similar losses of €83,108 a year earlier.
Mr Mooney attributed the losses to significant expenditure on the redevelopment of the EP Mooney showroom on the Long Mile Road and the opening of new showrooms in Tallaght and on the Naas Road.
He said conditions in the motor trade generally were "difficult", given the pressure on dealers to upgrade their showrooms in light of changes to the EU "block exemptions" that govern the sector.
He also cited the increased cost burden resulting from environmental waste charges and local authority rates.
"My position is that it's a tough time for people in the motor industry. There's a lot of increased costs," he said.
The accounts show that pretax losses at Finn Reddy grew to €548,250 in 2004 from €471,80 in 2003.
The deficit was recorded as the company's sales fell to €9.5 million from €11.42 million.
Finn Reddy was restructured last year, Mr Mooney said. The company took on a Renault franchise in November and dropped the Seat marque.
Modo Cars reversed pretax profits of €302,833 in 2003 to turn a pretax loss of €77,210 in 2004. In the same period, the company's sales grew to €19.01 million from €16.06 million.
Mr Mooney said this performance reflected expenditure on a "big redevelopment" and costs associated with the introduction of the Mitsubishi franchise at its outlet.
"The accounts reflect a lot of set-up costs on that franchise."
Asked whether the ending of the special saving scheme next year would boost the motor business, he said that most savers would be "prudent" and would be unlikely to spend all their money on new cars.
He did not anticipate any structural changes to his business.
