The Irish Independent has today reported the main Irish arm of breakfast cereal giant, Kellogg last year paid zero corporation tax for the second year running as revenues topped €1.28bn.
According to the report, new accounts filed by Kellogg European Trading (KET) Ltd with the Companies Office show that it recorded a 27% jump in operating profits, from €38.7m to €49.36m, in the 12 months to the end of January 2 last.
However, interest charges payable of €137.45m on loans from other group firms pushed the firm into the red to record losses of €75.5m.
The firm reduced its losses in 2015 to €65.6m with a deferred tax asset of €9.8m. Kellogg has been based in Ireland since 2005 and employs 250 people here including its head of its European cereal business unit and a number of senior cereal functional leaders for Europe.
Along with Kellogg European Trading, Kellogg also operates a number of other subsidiaries here. Revenues at KET last year reduced by 2pc from €1.3bn to €1.28bn. The business recorded a gross profit of €356m after its cost of sales totalled €927.7m.
Source: www.businessworld.ie