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THE COMPANY BEHIND Dublin’s convention centre notched up a multimillion-euro operating profit last year as sales rose.
However, accounts for the Spencer Dock Convention Centre Dublin show that its full-year profits were down overall due to it receiving less income from investments.
Overall, turnover was just under €24 million during 2016, up from about €23 million the year before.
This helped the company make an operating profit of €5.5 million in comparison to the €5 million it recorded last year.
It took in a massive €14 million on “interest income on a fixed financial asset”. This was roughly in line with the year before, however in 2015 the business also recorded a gain of €7.6 million on the “fair value movement of a derivative instrument”.
These instruments are used to hedge interest rates on the company’s loans. It recorded a gain of €1.5 million on the movement this year.
When this was taken into account, along with the company paying taxes of €1.1 million, the firm made a full-year profit of €11 million, down from €16.5 million in 2015.
Growth
The directors’ report said that the company generated profits before tax of €11 million compared to €10.2 million before the derivative instruments were taken into account.
The company has made a good start in 2017 with significant year-on-year growth in its future order book. It continues to perform above expectations and meet all targets set by stakeholders,” it said.
Started in 1998, the Convention Centre Dublin was finally completed in 2010 after years of delays.
The facility can hold 8,000 people, and regularly hosts high-profile conferences and business speakers from Ireland and around the world.
The firm was owned by Johnny Ronan and Richard Barrett of Treasury Holdings alongside property developer Harry Crosbie but Treasury Holdings went into liquidation during the crash.
The building was acquired by the Irish Infrastructure Fund in 2015. The fund is backed by Ireland’s sovereign wealth fund, the Ireland Strategic Investment Fund.
Written by Paul O’Donoghue and posted on Fora.ie
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Why doesn’t the Journal have a “Spammer of the Week” seeing as the Journal seems to take no notice of it’s own Terms of Use? You could also have a “Troll of the Week” as well. There are at least one or 2 fake accounts on here that would win hands down each week without fail.
Tommy macdonagh would need another trophy cabinet
Should have put it in the survey lads
notice how of the top 5 commented on stories this week, the highest is 277 and the lowest is 201
2 years ago, those numbers would have been a minimum of double that, possibly even triple,
slowly but surely the journal is slipping into obscurity, and they only have themselves to blame,
with their bias in choosing what comments to delete and their complete apathy to the bigger trolls who flagrantly break the TOS.
Cop yourself on journal, make it an even playing field for everyone, do something about the massive trolling and the obvious incitement by certain accounts, and you might have a chance of reversing the trend
but somehow i doubt you will do anything until it is too late.
Here hear.
Nutjob of the week goes to… Nutella Boy ;)
Surely Blind Faith had the most popular comment in the Gardai assault article?
you should know by now Paddy “most popular comment” doesn`t count – it depends ENTIRELY on what the staff deem the most popular, anything that goes against their idea is consigned to the dustbin.
http://www.thejournal.ie/manor-street-gardai-assault-2910906-Aug2016/
Even the second comment got more than a thousand greens but thejournal.ie just ignores them.
It happens every week and makes this regular article a sham.
I know it’s incredibly frustrating when people that don’t agree with me insist on been heard…..
Great photo of Donald Trump sucking out a babie’s brain. He is truly evil.
nearly as good as O`Bamas imitation of a gun, he would want to watch himself too, considering he is black, that kind of pose is liable to get you shot over there at the moment
https://www.youtube.com/watch?v=8MDqfg3tYIQ
Better comment of the week here?
Better quality…
https://www.youtube.com/watch?v=xham2-P5LQc
have your say