MIELE, the upmarket electric appliance maker, injected €4m into its Irish business this year.
The cash boost came as Miele's losses doubled last year, according to accounts just filed at the Companies Registration Office. Pre-tax losses jumped to €2.8m in 2009 from €1.4m a year earlier. No sales figures were given in the account but gross profits fell to €4.7m from €6.6m. Administration expenses rose to €2.8m from €2.2m.
"Both the level of business and he year-end financial position were in line with directors' expectations and the directors anticipate an uplift in the present level of activity in the foreseeable future," the company said in a note to the accounts. "The directors have implemented cost-cutting procedures and the cost base of the company is being closely monitored to adapt to changes in the market."
The German company's Irish division had accumulated losses at the end of 2009 of €3.6m.