Vincent Browne's media firm records profits of €135,831
Published 25/04/2014 | 02:30
THE media firm owned by broadcaster and columnist Vincent Browne recorded profits of €135,831 last year, figures show.
This followed Browne's Village Communications Ltd reducing its accumulated losses by that amount, from €568,445 to €432,614, in the 12 months to the end of December last.
The 2013 performance continues the strong showing of the company in recent years where it has reduced its accumulated losses from €1m at the end of 2010.
The losses had accumulated through Browne's publication of 'Village' magazine. His editorship of the magazine ceased in 2008 and it continues to be published today by Ormond Quay Publishing Ltd.
Village Communications continues to trade through Browne's TV3 income as it pays down the debts built up by the 'Village' venture.
According to the accounts just filed with the Companies Office, the amount Village Communications Ltd owes to creditors reduced further last year, going from €348,991 to €247,396. This is down from €1,064,307 owed to creditors at the end of 2009.
The decrease in the amount owed to creditors contributed to the firm's net liabilities reducing from €288,439 to €152,608 at year end. Its share premium account stood at €279,998 while its cash rose by 48pc, going from €19,396 to €28,725.
The continued improvement in performance follows confirmation last year from the broadcaster that he is debt-free for the first time in decades after selling his family home in Dublin.
Efforts to secure comment from Mr Browne yesterday were unsuccessful.