#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 3°C Thursday 26 November 2020
Advertisement

Quinn Group reports operating loss of €888m for 2009

Over €640m of that loss comes from losses at Quinn Insurance, which is currently under administration.

Quinn Insurance offices outside Cavan town.
Quinn Insurance offices outside Cavan town.
Image: Leon Farrell/Photocall Ireland

THE QUINN GROUP says that most of its operating loss of €888m for 2009, and pre-tax loss of €852m, relate to the insurance part of the group, which is currently under administration.

Turnover for the group, including the insurance arm, fell from €2.2bn in 2008 to €1.6bn in 2009.

Quinn Insurance had operating losses of €644m in 2009. The High Court appointed two administrators to the company in March and those administrators have agreed to sell the company to US insurance giant Liberty Mutual and Anglo Irish Bank.

The chief executive of the Quinn Group, Paul O’Brien, said results for 2009 were “hugely disappointing”, but said he was encouraged by the performance of the group’s manufacturing business, which made €104m in 2009.

“The future of our group now lies in our manufacturing businesses, which are involved in container glass, construction products, plastics and packaging and radiators across a number of jurisdictions,” he said.

O’Brien wished the new owners of Quinn Insurance “every success in their efforts to restore the business to full strength and thereby protect the jobs in that business”.

Read next:

COMMENTS