Business That Operates Dublin's 3Arena Records Decreases In Revenue And Pre-Tax Profits For Last Year
The business that operates Dublin's 3Arena has recorded decreases in revenue and pre-tax profits for last year.
As reported by The Irish Times, new accounts for Live Nation company Apollo Leisure Group Ltd have revealed that the business’s revenues decreased by 72% to £8.16 million last year and its pre-tax profits decreased from £13.55 million to £294,866 due to the impact of the COVID-19 pandemic.
The figures for 2020 are reportedly skewed as the government's employment wage subsidy scheme payments of £476,643 to 3Arena employs reportedly appear as "other operating income", flattering its bottom line.
The directors' report reportedly reveals that the number of people who attended the 3Arena decreased from 956,242 in 113 shows in 2019 to 236,137 at 26 shows last year.
Box Office Receipts
Separate figures published by trade industry journal Pollstar reportedly state that box office receipts generated by acts at the 3Arena last year amounted to $16.86 million (€14.6 million), reportedly making it the 12th busiest international arena in 2020.
Box office receipts are reportedly shared between the venue, promoter, ticket seller and artist after costs.
Live Nation Global Operation
The 2020 figures for the global operation of Live Nation reportedly reveal that concert revenues decreased by 84% to $1.4 billion.
Net Assets, Profit-Making, Positive Cash Balance And Favourable Liquidity Position
The directors for Apollo Leisure reportedly stated that the group has net assets, is profit-making and has a positive cash balance, reportedly adding that it remains in a favourable liquidity position.
The number of people employed there reportedly decreased from 64 to 62, while staff costs reportedly decreased from £4.1 million to £2.78 million.
Post-Tax Profits And Accumulated Profits
The company reportedly recorded post-tax profits of £89,607 after paying out £205,259 in corporation tax, and accumulated profits at the end of December of 2020 reportedly amounted to £47.15 million.
Declined To Comment
A spokesman for Live Nation reportedly declined to comment on the accounts to The Irish Times.
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