Losses at electronic components manufacturer Molex Ireland in Shannon rose significantly last year.

According to the company's recently filed accounts for 2018, retained losses climbed to €7,904,000 from €530,000 a year earlier.

Molex announced last month that it would close its Irish subsidiary by the end of next year, with the loss of 500 jobs.

The firm said the closure would take place in a series of phases, starting early next year.

It said the decision follows a review of the product lines manufactured there.

The company claimed that the majority of products made at the Shannon facility have insufficient financial returns and growth potential.

The accounts show that turnover last year fell 6.6% to €87,357,000 while the gross margin dropped from 16% in 2017 to 5% in 2018.

The company said both decreases were due primarily to an adjustment in the sales price of products.

Distribution expenses remained stable at 3% of turnover while administrative expenses fell by €1.945m.