PRETAX PROFITS at the Irish arm of security software solution provider Symantec last year fell by 52 per cent to €34.9 million, in spite of revenues climbing to €1.43 billion, new accounts show.

The €37.8 million drop in pretax profits is mainly attributable to foreign currency gains declining from €50 million in 2010 to €17 million in the 12 months to the end of April last year.

Turnover at the Dublin-based company grew by 5 per cent or €74.8 million, from €1.36 billion to €1.43 billion last year. Numbers employed fell from 725 to 692.

The company provides a broad range of content and network security software. The filings also relate to Symantec subsidiaries in Australia, Belgium, Denmark and the US.

Revenues generated by the Dublin operation represent 29.6 per cent of the Symantec’s €4.8 billion ($6.19 billion) revenues recorded globally last year.

Gross profit at the Irish arm last year increased by 10 per cent or €65.4 million to €736 million, with the directors’ report stating that the company’s gross margin was 51 per cent in 2011 compared to 49 per cent in 2010.

The company’s cost of sales last year increased marginally from €691.3 million to €700.7 million, while the company’s distribution costs increased from €514.9 million to €556.1 million, with administrative expenses increasing from €132.1 million to €151.8 million.

Profits were also hit by a €9.4 million impairment on investments. The company’s operating profit more than halved last year from €73.3 million to €35.4 million and take account of €54 million in combined non-cash depreciation and amortisation costs.

In spite of the drop in staff numbers, the company’s staff costs last year increased marginally from €45.7 million to €45.8 million.