State’s biggest cinema Cineworld back in the black

Revenues at the largest cinema complex in the State, Cineworld on Parnell Street in Dublin, slipped by 1.5 per cent last year to just over €12.4 million.

The 17-screen multiplex moved back into the black, however, with a small after- tax profit of €50,000, after it shaved €1 million from its administrative costs.

The cinema maintained staff levels at about 116 for the year. Most of the savings came from a near €300,000 cut in its rent and also favourable exchange rate movements: Cineworld is owned by a UK-listed company.

The accounts filed this week by Adelphi Carlton, the operating company behind the complex, show that the cinema is now sitting on accumulated profits of more than €12.8 million.

The complex is in the top five-performing cinemas in Ireland and Britain, and is visited by about 1.4 million cinemagoers each year. The Parnell Street operation accounts for close to half of the Dublin market.

The complex was reported to be sold earlier this year to a British investor for about €20 mil- lion, which was €4 million below the asking price.

Cineworld will remain the operator of the complex and is unaffected by the sale.