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Wednesday 15 August 2018

Topaz back in black

IRISH-OWNED fuel company Topaz returned to the black, recording an operating profit of €21m.

Topaz is backed by Dublin-based Ion Equity, businessman Denis O'Brien and hotelier and property developer Gerry Barrett.

The results were announced in spite of a 7pc decline in fuel volumes and the company recorded an after-tax surplus of €5.9m in the year to the end of March 2010.

This compared with an operating loss of €483,000 and an after-tax deficit of €18.9m in 2009.

Topaz's improved performance was aided by a reduction in operating costs by 14pc to €103.6m while non-fuel earnings grew by 26pc due to increased productivity and a reduction in waste.

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