Star role for cinema firm profits
Published 01/04/2011 | 05:00
Dublin cinema operator Movies@Swords saw a dramatic eight-fold recovery in profits last year, according to accounts just filed with the Companies' Registration Office.
The accounts show that pre-tax profits surged from just €38,000 in 2009 to €293,370 in the year to the end of August 2010.
The dramatic recovery comes after profits had fallen 80pc over the previous year.
Revenue actually fell last year, from €4m to €3.89m but big falls in payroll and in the company's interest bills helped boost profits.
Staff costs dropped by €100,000 to €1.2m as jobs were slashed from 103 to 86 over the year. Interest charges fell from €342,000 to €211,000 for the year after net debt was cut from €6.7m to €5.8m
The Swords cinema was built in 2006 and features 11 screens and 1,750 seats. The facilities include a luxury private screen with reclining leather seats and a bar service.
A sister cinema operates in Dundrum in south Dublin. Movies@Dundrum reported retained profits of €3.58m in its latest accounts for 2009. The southside cinema reported turnover of €7.18m.