Buncrana Fruit of the Loom operation sees huge profit increase
The company, which once employed around 3,500 people at facilities in Donegal and Derry, employs 24 people in Buncrana at its Irish operation
The Buncrana-based operation of clothing group Fruit of the Loom has posted a 62% increase in its after-tax profit.
The company, which once employed more than 3,500 people at facilities in Donegal and Derry, employs 24 people in Buncrana at its Irish operation, Fruit of the Loom International.
Fruit of the Loom once employed staff at Buncrana, Malin Head, Raphoe, Milford and in Derry at Templemore and Campsie.
Its Buncrana factory, once the company’s biggest facility in Ireland, closed in 2009 after the firm moved production to Morocco.
The Buncrana-based operation reported its profit after tax rose from €15.5 million in 2022 to €25.2 million for the year ending December 31, 2023, according to The Business Post.
The increase in profits comes despite a €27.1 million decrease in turnover for the year to €255.5 million.
The company’s operations focus on sourcing finished products for sale and the Irish arm owes a clothes manufacturing facility in Vietnam.