Tuesday October 20, 2020

Borrowing for ICG deal puts Doyle in red

Cork shipping company the Doyle Group has posted losses of over €300,000 for 2007, after borrowing an estimated €100 million to buy shares in ICG, and to acquire three companies.

29th November, 2008

Cork shipping company the Doyle Group has posted losses of over €300,000 for 2007, after borrowing an estimated €100 million to buy shares in ICG, and to acquire three companies.

The group’s turnover increased from €27.9 million to €30 million. But, according to financial statements filed for last year, operating and net profit fell ‘‘due to increasing costs’’.

These include a staff wages bill that jumped 25 per cent to...

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