Blackrock Clinic pre-tax profits drop by 11% to €12.3m
Documents filed by the Blackrock Hospital Ltd and subsidiaries to the Companies Office confirm that revenues at the company sustained a 4% drop in turnover from €87.8m to €84.3m to the end of December last.
The hospital in south Co Dublin is undergoing a major expansion that involves the construction of three additional floors, the provision of a state-of-the-art intensive care unit and the refurbishment of the existing hospital.
According to the directors’ report attached to the accounts, a large part of the decrease in pre-tax profits relates to an increase of €900,000 last year in depreciation charges associated with the hospital’s expansion and refurbishment project.
The directors confirm that last year the hospital spent €30.2m on capital expenditure, of which €27.2m was in respect of expansion and refurbishment project.
The planned hospital development – which is expected to be complete by the end of next year – will facilitate a 42% increase in beds at the hospital, bringing the total number of beds to 160.
According to the directors: “The hospital’s new extension will significantly improve and expand the facilities for both inpatients and day cases and will satisfy the hospital’s requirements in this area for the foreseeable future.”
The accounts show that the hospital’s accumulated profits at the end of last year stood at €38m after paying a dividend to shareholders last year of €4.6m and this followed a dividend pay-out of €4.4m in 2008.
The directors state: “The cost of the expansion and refurbishment project will be funded through future profits being re-invested back into the hospital together with bank debt.”
The filings show that the company’s staff costs increased marginally last year to €32.7m with numbers employed decreasing by 10 to 488.
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