Dublin Pub O'Donoghue's Experienced Decrease In Profits During Year That Ended On June 30, 2020
According to The Irish Independent, Dublin pub O'Donoghue's experienced a 91% decrease in profits during the year that ended on June 30, 2020.
Accounts for O'Donoghue's (Merrion Row) Ltd reportedly have reveal that the company's post-tax profit decreased by 91% to €37,955 in the 12 months to the end of June 2020.
The doors of O'Donoghue's were shut for almost a third of its financial year as a result of COVID-19.
The pub shut its doors on 13 March last year, with the pub sector one of the hardest hit during the pandemic.
The €37,955 profits for the 12 months to June last follow strong profits of €434,020 in 2019, €521,152 in 2018, and €452,098 in 2017.
Over the course of the pandemic, the company has availed of government supports, with Revenue figures showing that the company availed of the Temporary Wage Subsidy Schemes (TWSS) and the Employment Wage Subsidy Scheme (EWSS).
The profit for the last financial year takes account of non-cash depreciation costs of €166,392.
The company also paid out a dividend of €42,450 last year.
The profit offset by the dividend pay-out resulted in accumulated profits dipping from €1.965 million to €1.961 million.
The company's cash decreased from €2.95 million to €2.88 million.
Elsewhere, the company's loans to credit institutions reduced from €114,396 to €63,489 during the year.
The pub has held a long-running association with traditional Irish music, and the Dubliners in particular, who began to play at the venue in the 1960s.
The premises was built in 1789 and in 1934 began operating as a full-time pub when Maureen and Paddy O‘Donoghue began running the bar.
Oliver Barden purchased the pub in 1988 and shareholder funds at the company last year totalled €9.3 million that included €7.42 million in a revaluation reserve.
The pub was able to retain all 20 members of staff during the year.
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