Retailer and wholesaler ADM Londis has reported pre-tax profits of €4.1 million last year compared to €6.1 million in 2007.
Wholesale turnover turnover dropped to €341 million, down from €371 million the previous year in what the company described as a resilient performance in a difficult market.
ADM Londis paid €2 million in exceptional charges last year which included a restructuring charge of €0.5 million and a increase of €1.5 million in its bad debt provision due to the credit crisis.
Chief executive Stephen O'Riordan said weak consumer sentiment and a drying up of credit meant 2008 was a challenging one.
"The underlying profitability of the business remains strong and with its low debt profile, the group remains well positioned within the marketplace," he added.
The company has written down the value of its property assets by €8.4 million.
