Operating profits almost halved at Glencullen Holdings, the firm owned by motor multimillionaire Bill Cullen, to €2.9million last year, despite a 5 per cent rise in sales to €254 million.
The company, which owns the Renault distribution business in Ireland, made a profit of €3.6million selling property in 2005, according to accounts just filed, bringing pre-tax profit to €4.6million.
The operating profit figure represents a margin of just over 1 per cent, reflecting the...
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