Opera House on course to balance books

Cork Opera House has stemmed crippling financial losses and is on course to balance its books this year.

However, while its financial health has improved, the future still depends on securing grants from key stakeholders, shareholders were told at the company’s AGM yesterday.

Board chairman Damian Wallace said that after recording losses of about €800,000 in 2010, and despite tough economic conditions since, losses for the financial year ended Mar 31 last were reduced to €180,070. “We are now well-positioned to balance our budget in the coming financial year,” he said.