The Irish subsidiary of Turkish construction giant Gama recorded a pretax profit of €10 million last year, according to accounts returned to the Companies Office.

However, the accounts show that Gama Construction Ireland Ltd only achieved profit through the €55 million sale of its 40 per cent share in a power plant at Tynagh, Co Galway, in June 2006.

The firm sustained an operating loss of €48 million in 2006, which followed a €44 million loss in 2005. It had a turnover of €81 million in 2006, down from €95 million in 2005.

The accounts show that the company's cost of sales in 2006 was €111 million, leaving a gross loss of €29 million.

The sale of its 40 per cent share in the power plant comes under the heading of "exceptional items" in the accounts.

The firm also listed the sale of fixed assets valued at €9.5 million. The €10 million profit before tax left Gama Construction Ireland Ltd's accumulated loss at the end of the year to €49 million.

The accounts also show a negative balance of €43 million on the company's balance sheet and this is mainly due to creditor obligations amounting to €69 million.

In a statement attached to the accounts, the firm states: "The group has negative net assets at the end of the financial year. The group's parent has agreed to support the group over the next 12 months from the date of signing of the financial statements, which has been confirmed in writing."

Gama's workforce went from 905 at the end of 2005 to 373 last year, resulting in staff costs being reduced by 55 per cent from €47 million to €26 million last year.

The company became embroiled in controversy in 2005 when it emerged that it was paying large numbers of Turkish builders working in Ireland less than the minimum wage.