RUSSIAN-owned Rusal Aughinish, the largest alumina refinery in Europe, located on the Shannon estuary, recorded pre-tax losses of $26.3m (€20.9m) last year as revenues plummeted 62pc to $252m (€201m).
Accounts just filed to the Companies Office by Limerick Refining Alumina and subsidiaries, whose principal activity is the production and sale of alumina, show the company's turnover dropped by $412m (€329m) from $664m (€530m) in the 12 months to the end of last December.
The figures show that in spite of the significant drop in turnover, pre-tax losses at the company fell by 29pc from $37.3m (€29.8m) in 2008 to $26.3m (€21m) to the end of December 2009.
Earlier this year, the Aughinish refinery was valued at $1.2bn (€1bn) by its Russian parent, United Company Rusal.
Controlled by Russian oligarch Oleg Deripaska, the Russian company purchased Aughinish Alumina from Swiss trading firm, Glencore, in 2007.
Demand
Rusal -- the world's largest aluminium producer -- reported an $821m (€655m) net profit across the group last year and a net profit of $247m (€197m) for the first quarter of this year on the back of a surge in demand for aluminium.
However, in spite of combined operating losses of $65m (€52m) over the past two years, Limerick Alumina Refining and subsidiaries had accumulated profits of $221.4m (€176.6m) by the end of last December.
The firm's sales are derived from the sale of alumina to non-EU countries. The numbers employed dropped from 472 to 451 last year.
Last year, management at the Limerick plant placed workers on shorter hours in response to a drop in demand and price for aluminium and alumina.
A breakdown of the numbers employed at the refinery show that professional/management positions fell by 13 to 153, and craft positions fell by eight to 131, while operator positions remained static at 167.
Remuneration to directors last year increased from $1m (€0.8m) to $1.6m (€1.3m).