Sean Quinn has said he expects his multifaceted Quinn Group to defy the recession this year, by yielding profits of around €500m.

Despite describing the first quarter of 2009 as "challenging", the group said it had resisted the temptation to cut prices.

The group did report a 40% drop in the value of cement and related products.

However, sales of insulation products, glass and packaging products had been better than expected.

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Headquartered in Derrylin, Fermanagh, the group was said to have lost around €1bn last year following a poor return on an Anglo Irish Bank investment scheme.

In December the group opened a new €25m office facility in Cork city.

At the time, Tanaiste Mary Coughlan said: "I am delighted to open Quinn Insurance’s new office in Cork. This substantial investment in Cork and the associated jobs being created over the next four years is a huge vote of confidence for the whole region.

"I would like to congratulate Quinn Insurance on their continued success and most importantly for their continued investment in Ireland in these difficult economic times."

(PR/JM)