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Profit at Aut Even Hospital company but still depends on Mt Carmel

ACCOUNTS filed for the company that owns Aut Even hospital in Kilkenny show it moved into profit in 2009 -- but it remains dependent on its parent company for financial support after racking up losses in previous years. Bank loans to the parent company, Mount Carmel Medical Group, have been transferred to NAMA.

Aut Even owner Mount Carmel Medical (Kilkenny)'s revenues increased by almost a third between 2008 and 2009 to €21.86m. Operating costs increased by 18.5pc in the same period, leading to an operating profit of close to €300,000 for the year. This compares with a loss of €1.7bn in 2008.

The private hospital is the largest in the south-east.

Despite moving into profit, at the end of 2009 the subsidiary company running Aut Even had retained losses of €6.7m from previous years.

The Kilkenny operation is a subsidiary of Mount Carmel Medical Group, a company controlled by developer Jerry Conlon. MCM also owns and operates the Mount Carmel Hospital in Dublin and Saint Joseph's Hospital in Sligo.

The company was not available to comment on the figures.

Mr Conlon is one of the so-called 'Anglo 10' who bought Sean Quinn's shares in the bank.

MCM's ultimate parent company, Quinby Holdings, has defaulted on a portion of its €84m in loans to AIB and KBC.

The accounts for the Kilkenny subsidiary say some of these loans have been transferred to NAMA. Quinby Holdings is in talks with NAMA to refinance and restructure the debts.

In a note to the financial statements, the company said that if these talks are not successfully completed it would have an impact on the availability of inter-company loans.

The Kilkenny subsidiary also has bank loans of €13m in its own right and owes around €13m to its parent company and other group companies.

Irish Independent