Cork Opera House moves into the black despite decline in turnover

THE Cork Opera House moved into the black in 2007 despite lower turnover, according to newly filed accounts.

The opera house made a pre-tax profit of €16,818 in the 12 months to end March 2007, compared to a loss of €340,149 in the previous financial period.

The move into profitability at pre-tax level came as the opera house received a €250,000 grant from the Arts Council during the year. At operating level, losses more than halved to €222,817 from €473,347 in 2006.

Turnover for the year fell to €6.73 million from €7.6m, though the drop is due to the closure of the Half Moon theatre for a number of months for a €450,000 refurbishment.

The drop in turnover from the closure was also reflected in the total number of people attending performances at the opera house and the Half Moon theatre.

“A total of 151 event were presented in the two theatres, with 185,189 paying patrons attending 471 performances, compared with the previous period where a total of 166 events were presented and 225,949 patrons attended 524 performances,” a note with the company's account said.

The note added that the attendance figures do not include those with complimentary tickets or for those who purchase tickets through promoters.

No dividend was paid to the company's shareholders.

Shareholders's funds at the year end increased to €2.8m from €2.5m in 2006.

The number of people employed by the company decreased by nine during the year to 74. This had the effect of pushing down overall staff costs to €1.76m from €2m.

The accounts also showed none of the company's directors received any remuneration during the year.

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