Irish arm of Setanta Sports posts a €1.4m loss for 2011
THE Irish arm of broadcaster Setanta Sports made a loss of more than €1m in 2011, as the company grappled with tumbling revenue in the economic downturn.
Accounts just filed for Setanta Sports Channel Ireland Limited show the firm posted a €1.4m loss in 2011, a year after recording a profits of just over €54,000.
The company directors blamed its losses on a drop in revenue.
The company isn't required to post a full profit and loss account, but the directors said sales fell 19pc year on year.
Despite the loss the company said it was confident of being profitable again.
"The directors have considered the performance of the company during the year and are satisfied the business will generate profits in the foreseeable future.
"The focus of the company will be to stabilise existing revenue streams and tightly control costs," they added.
Setanta Ireland began broadcasting in 2004, some 14 years after the original Setanta Sports was set up.
Setanta had it roots in the United States, where it began broadcasting Irish sports events to expats.
The parent company now broadcasts around the world, with operations in Australia, Africa, Asia and parts of the old Eastern Bloc as well as in in Ireland.
The Setanta UK division went under in 2009.
The firm's co-founder, Michael O'Rourke, is now head of the business, taking over after then chief executive Niall Cogley left in 2012.