Convention Centre profits jump 300%

Favourable interest rate changes on outstanding debt helped boost profits at Dublin’s Convention Centre by nearly 340% last year.

New figures show that the venue’s holding company, Spencer Dock Convention Centre Dublin Ltd (SDCCD), generated an overall profit of €15.37m in the 10 months to the end of last December, up from a surplus of €3.52m for the full year to the previous February.

As much as €9m of the increase in profit was due to beneficial changes in interest rates relating to SDCCD’s debt. The company’s debt — raised to finance the actual construction of the centre — fell last year, between the two accounting periods, from €210m to €188m. It said loans are being fully serviced and repayments are on schedule.