Caterpillar's profits drop by 90% in Northern Ireland

Caterpillar is one of Northern Ireland's biggest employers, with 1,883 staff based at three County Antrim sites - Larne, Monkstown and west Belfast

Profits at Caterpillar's Northern Ireland business fell by 90% in 2014 as the company continued to face "depressed global conditions".

The US firm makes generators and other industrial equipment at its Northern Ireland plants.

Pre-tax profits in 2014 were £3.4m on sales of £600m, compared to a 2013 profit of £21.6m on sales of £626m.

The company said attention remains focused on improving profit margins and developing new products.

Employment at the firm continued to fall over the year, down from 1,947 to 1,883.

Since 2011, it has shed over 1,000 staff in Northern Ireland.

'One-off costs'

Caterpillar's global business has been hit by the fall in commodity prices and the economic slowdown in China.

Those developments have reduced demand for the firm's heavy construction machinery and power systems.

The company's share price has fallen by around 20% this year.

Its operations director in Northern Ireland, Robert Kennedy, said: "Caterpillar NI made a profit of £3.8m before tax in 2014, despite very challenging global economic conditions and taking account of a number of significant one-off costs and investments in the business.

"We remain strongly committed to developing and diversifying our operations in Northern Ireland, and have made considerable progress in this regard with the commencement of wheeled material handler production and the production of articulated truck axles, both of which will bear fruit into the future."