Wyeth Nutritionals Ireland, the Irish subsidiary of the multinational infant nutrition giant Wyeth Nutrition, saw pre-tax profits more than double last year to $337m (€286.5m).

Wyeth Ireland, which produces 40,000t of infant formula from its manufacturing site in Askeaton, Co Limerick, reported an 11% increase in sales last year to just over $650m (€553m). This was attributed to increased demand for its infant formula products from buyers in China.

Operating profits for the year increased 71% to $349m (€297m), giving Wyeth Ireland an extraordinary profit margin of 54% in 2016. However, this sharp increase in profits was due to the once-off sale of intellectual property rights which netted just over $100m.Once this exceptional income is stripped out, profits for the year stood at $247m (€210m). This left the business with a profit margin of 38%, which is still incredibly lucrative.

The accounts show Wyeth Ireland paid $152,000 in dividends to its parent company at 2016 year-end.