US computer disc drive manufacturer Seagate has reported full-year losses of $704 million (£506.4 million) compared with profits of $891 million (£641 million) in the same period last year.

Seagate employs 1,000 workers in Derry city and another 750 at a site in Limavady, Co Derry.

The company's plans to set up a plant in Ringaskiddy, Co Cork, are currently on hold.

The 12-month period to July 3rd last shows that in the fourth quarter Seagate reported a pre-tax profit - $30 million. That figure was also a fall on the fourth quarter of the previous year when pre-tax profits of $60 million were recorded.

Sales were sluggish at $1.57 billion, compared with $1.97 billion in the fourth quarter of last year.