INEC owner plunges into the red

The group that operates the INEC events centre in Killarney plunged into the red last year recording pre-tax losses of €606,228.

According to accounts for Gleneagle Holdings (Killarney) Ltd, the business sustained the loss after recording a pre-tax profit of €47,348 in 2012. The group’s revenues dipped last year from €22.19m to €21.74m in the 12 months to the end of December. The accounts also show the group’s operating profits dropped by 58% from €703,524 to €297,245.

Bank interest payments increasing by 37% to €903,473 resulted in the pre-tax loss, which also took account of combined non-cash depreciation and amortisation costs of €1.03m. The group’s cost of sales last year increased from €6m to €6.29m, with administrative expenses decreasing from €15.45m to €15.15m.