Galway Bay fm newsroom - Athenry firm C&F Tooling has returned to profit after absorbing €14m of losses in 2018.
The losses resulted from the cost of winding up a number of operations.
According to the Irish Independent, accounts just filed reveal C&F Tooling recorded a €4.5m profit after tax and exceptional deductions last year.
The figures come after the Athenry firm absorbed losses of €13.9m in 2018.
These losses stemmed from the windup of its car parts division, C&F Automotive, which was later sold - as well as the anticipated costs of closing down C&F Green Energy, a wind turbine manufacturing division.
According to accounts filed for 2019, while overall revenue took a considerable hit last year, the firm experienced significant drops in the amount owed to creditors, as well as in net liabilities.
Shareholder funds also increased considerably during that time.
The firm also employed 573 people last year, down from 944 employees in 2018.
According to the latest accounts - which were filed prior to the ongoing Covid-19 pandemic - the outlook for 2020 remains 'very positive' with turnover forecast to grow by 14 percent.
