Dublin-Based Sunway Travel Records Pre-Tax Loss For Year That Ended On October 31, 2020
Accounts filed by Dublin-based Sunway Travel Ltd have revealed that the company has recorded a pre-tax loss of €360,945 for the year that ended on October 31, 2020, and that its revenues decreased by 70% to €9.94 million during the 12 month period.
As reported by The Irish Times, the company's pre-tax loss of €360,945 and revenues of €9.94 million during the year that ended on October 31, 2020, followed a pre-tax profit of €254,523 revenues of €33.12 million the previous year.
Additionally, the company's directors reportedly cut their pay by 74.5% from €401,685 in 2019 to €102,260 during the year that ended on October 31, 2020; the company reportedly recorded unspecified "other operating income" of €462,873 for the period; the number of people employed by the company reportedly decreased from 59 to 50 as staff costs reportedly decreased by 39% from €2.4 million to €1.46 million; the company's shareholder funds reportedly amounted to €2.38 million at the end of October of last year; its cash funds reportedly decreased from €6.6 million to €4.4 million; and figures published by Revenue reportedly show that Sunway Travel participated in the government's COVID-19 wage subsidy schemes.
The company's loss for the year that ended on October 31, 2020, reportedly takes account of non-cash depreciation costs of €164,601.
Note Attached To Accounts
A note attached to the accounts reportedly said that, in response to the COVID-19 pandemic, the company's directors "have made decisions to protect the company's business", and reportedly states that the directors are confident that based on these decisions and the company’s underlying financial position that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due.
Declined To Comment
A spokesperson for the company reportedly declined to comment to The Irish Times on Friday September 17.
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