Cinema group shows profit

The cinema chain that runs the Savoy in Dublin and Omniplex in Cork had profits of over €300,000 last year, the latest figures show.

Accounts lodged for Dublin Cinema Group, owned by the Ward and Anderson families, show it had pre-tax profits of €307,495 in the 12 months to the end of last October. The previous year's surplus was €288,244.

Turnover fell by almost €350,000 to €5.9 million, while cost of sales dropped by €300,000 to €1.7 million. The group had an operating profit of €256,940 for the year, as opposed to a loss of €113,397 in 2004.

In 2004, a dividend of €350,000 from the group's subsidiaries, which include cinema companies in Cork and Dublin as well as a distribution business, ensured that it was profitable. In 2005, the equivalent dividend was €45,000. This and interest income of €5,555 lifted profits to their pre-tax level. Its tax bill was €25,000, leaving the group with a net profit for the year of €282,495.

Shareholders, including directors Paul Ward and Paul Anderson, shared a €60,000 dividend for the year. The group paid its shareholders €75,000 in 2004.

Mr Ward and Mr Anderson each holds 25 per cent of the group. The remaining 50 per cent is split equally between two unlimited entities, Borthwick Investments, owned by the Anderson family, and Movern Holdings.