Two Irish Cinema Operators Record Decreases In Revenue For 12 Month Period That Ended On October 31, 2020
Two Irish cinema operators have recorded decreases in revenue for the 12 month period that ended on October 31, 2020, due to the adverse impact of COVID-19 pandemic.
Omniplex (Cork) Ltd
As reported by The Irish Examiner, new accounts for the Paul and Mark Anderson-led Omniplex (Cork) Ltd, which operates cinemas in Cork, Tralee, Longford, Waterford, Carlow, Sligo, Monaghan and Drogheda, have revealed that the firm's revenues decreased from €16.79 million to €7.65 million during the 12 month period that ended on October 31, 2020, and its pre-tax profit decreased by 82.5% from €4.38 million to €767,478.
Shop receipts at Omniplex (Cork) Ltd of €2.23 million reportedly accounted for 29% of revenues last year, box office receipts of €5.1 million reportedly generated 67% of income and "screen advertising and other income" reportedly made up the remaining €281,532 in revenues.
The profit last year reportedly takes account of non-cash depreciation costs of €1.15 million.
Additionally, the number of people employed by the company reportedly remained at 140; staff costs reportedly decreased from €2.17 million to €1 million; the accounts reportedly confirm that staff endured layoffs and reduced hours during the year; the company reportedly had accumulated profits of €28.6 million at the end of October of 2020; and a note attached to the accounts reportedly stated that based on the strong balance sheet position and the measures taken to reduce costs, the directors believe that the company is well-positioned to return to full trading capacity once the period of uncertainty passes.
Dublin Cinema Group
Meanwhile, separate accounts for the Paul Ward and Mary Ward led-Dublin Cinema Group have reportedly revealed that the firm's that revenues decreased by 67% from €2.99 million to €1.02 million during the 12 month period that ended on October 31, 2020.
The company reportedly recorded a loss of €162,839 for the 12 month period that ended on October 31, 2020, and its accumulated profits reportedly decreased from €61.039 million to €60.876 million during the period.
A note attached to the accounts reportedly stated that the company has recommenced to trade and that the directors are expecting a return to normalised trading in a short time frame.
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