Quinn Group records €888m loss in 2009
Quinn Insurance lost €644m (£557m) in 2009, taking the overall group’s losses for the year to €888m according to the Irish papers.
The figures released were for the final full year when the group was controlled by Sean Quinn.
According to the Irish Independent turnover at the group was €1.6bn, down from €2.2bn in 2008.
Group chief executive, Paul O’Brien, was quoted in the paper saying the numbers for the insurance firm are “hugely disappointing” and added that the future now lies in manufacturing, construction and packaging businesses across the globe.
But he added that €104m earnings from that side of the business are encouraging and it remains competitive and profitable despite the difficult economic background.
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