Wednesday 11 December 2019

Blockbusters fail to maintain movie firm's profits

Iron Man
Iron Man

Gordon Deegan

Blockbuster movies including 'Iron Man 3' and 'Star Trek: Into Darkness' were not enough to prevent Dublin-based Irish Multiplex Cinemas from enduring a tumble in operating profits to €287,193.

New figures lodged with the Companies Office show that the cinema operator saw operating profit decline 52pc in the 12 months to the end of last October.

"The profitability of the company in 2013 suffered as a result of the downturn in the general economic climate," it says.

"The directors anticipate that 2014 will be a difficult year but they expect the company to achieve profits similar to 2013 by focusing on retaining existing business and tightly monitoring all costs."

A dearth of blockbusters in 2014 has led several US cinema operators to low takings recently.

The firm recorded a pre-tax profit of €2.3m thanks mainly to a €2m reversal of a €5.8m property impairment recorded in 2012.

The directors state that they declared and paid a dividend of €207,000 during the year.

The profit last year takes account of non-cash depreciation costs of €446,451.

Numbers employed increased by one to 57 with salaries decreasing during the year from €1m to €963,489.

Shareholder funds last year increased from €6.7m to €8.8m with the firm's cash decreasing from €1.54m to €777,872.

Irish Independent

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