CAR DEALER NETTED €1.5m AS SALES JUMPED - The Irish Times reports that a major motor distributor made profits of €1.5m last year on the back of a 40% increase in sales.
The paper quotes accounts filed with the Companies Registration Office (CRO) which show that DAF and Jaguar distributor, Armalou Ltd, had sales of €141.2m in 2004.
Armalou is based in Baldonnel in west Dublin and its primary business is motor distribution. Its subsidiaries include DAF Distributors Ireland Ltd, Jaguar Daimler Ireland Ltd, the Spirit Motor Group, Irish Industrial Forklifts and Scanveco Ltd.
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ADVANCE PITSTOP MADE A MILLION LAST YEAR - The Irish Independent reports that Advance Pitstop, the country's leading provider of fast-fit automotive services, just beat the €1m profit mark when returning record results for 2004.
The recently-filed accounts show that pre-tax profits rose by 8% to €1m on turnover 4% higher at €35.7m. The paper says Advance Pitstop is a low-margin operation, however, with the 2004 operating margin rising by a slender 0.1 points to 2.7%.
Advance is owned by German tyre group Continental and operates from some 34 locations in this country, servicing both personal and fleet markets.
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MOVE TO OPEN OPEC FIGURES - The Financial Times reports that the Organisation of the Petroleum Exporting Countries, the cartel that controls 40% of world oil exports, will on Saturday lift a four-decade veil of secrecy and begin regularly to reveal how much oil it is actually pumping.
The FT says China and India, the fastest growing major oil consumers, will also supply consumption and storage data for the first time.
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BRITISH EMPLOYERS REJECT GOVERNMENT REQUEST - The Independent says relations between business and the British Government hit a new low yesterday after it emerged that Sir Digby Jones, the head of the employers' group CBI, had angrily rejected a secret request by ministers to help implement pro-union changes.
The CBI confirmed it had been approached by Alan Johnson, the Secretary of State for Trade and Industry, to help ease business concerns over its labour market agenda. The Government is keen to implement reforms on rights for striking workers, redundancy pay and holiday allowances under the so-called Warwick Agreement with trade unions signed last year.
But according to the paper Sir Digby, the CBI director general, is understood to have told Mr Johnson not to ask the CBI to take part in 'beer and sandwiches' with the unions - a reference to close meetings between union leaders and prime ministers in the 1970s.
