Quinn Manufacturing Group Holdco Limited has reported a pre-tax loss on ordinary activities of €44.3m for 2011.
This was a marked improvement on the loss of €175.7m for 2010.
The company, which was formed after the restructuring of the Quinn Group last year, said the loss figure includes refinancing gains of €87m and impairment charges of €148.6m.
Group operating profits, before exceptional items and impairment charges, for the year came to €24.2m, up from €8.2m the previous year.
Quinn Manufacturing said that revenues fell by 2% to €828.6m mainly due to a market decline in construction related products.
The company also said that it managed to reduce its debt by €913m and its total debt stood at €469m by the end of the year.
The company is mainly involved in four core businesses - container glass, construction industry supplies, plastics and packaging and radiators.
Paul O'Brien, the company's chief executive, said that the group now has a sustainable level of debt for the scale of its operations and lending facilities for the next five years to enable and underpin the growth of the business.
''Despite some extreme challenges, our manufacturing group delivered healthy operating profits of €24.2m in 2011. The restructuring phase is now complete and the foundations are in place for the next phase of our business turnaround,'' he added.
Today's results reveal that the company was relieved of €794m in debt owed to related parties. It also received a capital contribution of €152m from Quinn Insurance Limited.
