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Cineworld in profit despite revenue dip

Friday, August 08 11:46:06

Ireland's biggest cinema complex, Cineworld, on Parnell Street in Dublin, has returned to profit despite a modest slip in revenues.

Accounts just filed show that its revenues for 2013 slipped by 1.5pc to just over E12.4 million.

Despite this, the 17-screen multiplex registered a small after-tax profit of E50,000, after it shaved E1 million from its administrative costs.

The cinema maintained staff levels at about 116 for the year. Most of the savings came from a near E300,000 cut in its rent and also favourable exchange rate movements: Cineworld is owned by a UK-listed company.

The accounts filed this week by Adelphi Carlton, the operating company behind the complex, show that the cinema is now sitting on accumulated profits of more than E12.8 million.

The complex is in the top five-performing cinemas in Ireland and Britain, and is visited by about 1.4 million cinemagoers each year. The Parnell Street operation accounts for close to half of the Dublin market.

The complex was reported to be sold earlier this year to a British investor for about E20 million, which was E4 million below the asking price.

Cineworld will remain the operator of the complex and is unaffected by the sale.