Vincent Browne firm makes profit

The media firm led by veteran TV3 broadcaster Vincent Browne recorded profits of €237,413 last year, up from €206,485 in the previous year.

Newly-filed accounts for Village Communications Ltd show that the firm last year finally eliminated its accumulated losses and had accumulated profits of €11,294 as of the end of December.

The broadcaster is listed as a co-director of the company, along with his daughter, Emma.

Combined directors’ pay amounted to €60,000 for the year.

The firm’s cash pile plummeted from €158,767 to €15,916.

This is explained by the company purchasing property during the year. The accounts show that the firm took out a loan of €425,000 to finance the purchase.

Mr Browne racked up losses of €1.8m as a result of his costly Village Magazine venture — his editorship of the magazine ceased in 2008 and the title is currently published by Ormond Quay Publishing Ltd.

However, the 2015 performance for Village Communications continues the strong showing of the company in recent years where it has now eliminated its accumulated losses from €1m at the end of 2010.

In a radio interview last year, in which Mr Browne admitted that his losses from Village topped €1.8m, he said: “There is a buzz out of print journalism that you don’t get in broadcasting… but by God, it was costly.”

In 2013, the broadcaster confirmed that he was debt free for the first time in decades after selling his family home in South Dublin.

According to the property register, his Dalkey house sold for €2.6m in August 2011 — 11 months after going on the market with an asking price of €3.25m.