Parcel delivery giant TNT Express’s Irish business fell into the red last year, recording a €266,775 pretax loss compared to a €2.1 million profit in 2014.

Turnover at the subsidiary, which employs close to 200 people, was stable at €40.1 million versus €39 million a year earlier, newly-filed accounts show. The company attributed the full-year loss to increased costs related to the introduction of a restructuring programme that saw it outsourcing its back office functions. Last year, the TNT group, which was recently acquired by rival FedEx in a $4.8 billion (€4.2 billion) takeover, made €6.91 billion in revenue. The EU approved FedEx’s acquisition in January after a six-month antitrust investigation. The total assets of TNT’s Irish unit rose by €1.71 million last year with liabilities increasing by €2 million resulting in a net assets of €290,951.

Staff-related costs, including wages and salaries, were €9.7 million versus €8.06 million a year earlier. The increase in costs was largely due to a €1.83 million termination benefit which was paid out.

Directors’ remuneration fell from €528,863 to €476,944 over the year.