Waterford-based games manufacturer Hasbro Ireland, which laid off 140 workers last November, paid a €63 million dividend to its US parent in December 2005, according to accounts just filed.

At the time the job losses were announced, the company said it was hopeful that a restructuring programme and new investment could help preserve the remaining 300 jobs at the plant.

In the directors' report accompanying the accounts just filed, the directors state that, following the restructuring, "the company has achieved strong productivity and has a clear mandate going forward".

The directors also refer to increasing global competition as being among the risks facing their business.

When the job cuts were announced last year, increased competition from China was the chief factor mentioned, as was increased costs in Ireland.

As well as traditional board games such as Monopoly and Scrabble, the company also produces Transformers, My Little Pony, Play-Doh, and Beyblades.

The Waterford plant operates mainly for the European market. However, in their report, the directors said their business was also affected by changes in the euro/dollar exchange rate.

During the year to December 25th, 2005, Hasbro Ireland had a turnover of €25.6 million, down from €27 million the previous year. Pretax profits were €2.5 million, up from €2.4 million the previous year.

The average number of people employed by Hasbro Ireland in 2005 was 456, down from 548 the previous year. Aggregate payroll costs dropped to €16 million from €18.6 million.

When dividends totalling €63 million were paid, shareholders' funds at the end of the year were €15.7 million.

It was not possible to contact a spokesman for Hasbro last night.

The Waterford plant has been in operation for more than 30 years and a number of years ago had up to 600 employees.