The Irish arm of Setanta Sports posted a loss of more than €1 million for 2011, as the sports broadcaster struggled with tumbling revenues in the aftermath of the economic downturn.
Accounts just filed for Setanta Sports Channel Ireland show that the company recorded a €1.4 million loss for 2011, a year after recording profits of over €54,000.
Despite the loss, the company said that it was confident that it could once again post a profit, stating, "the directors have considered the performance of the company during the year and are satisfied the business will generate profits in the foreseeable future."
"The focus of the company will be to stabilize existing revenue streams and tightly control costs", they added.
Setanta Sports, which began broadcasting in Ireland in 2004, has its roots in the US, where it began providing coverage of Irish sporting events to expats.
