THE IRISH Chamber Orchestra recorded an increase in profit last year despite a 12 per cent fall in turnover.

The orchestra, based at the University of Limerick, reported an operating profit of €62,376 for 2009.

The orchestra’s main source of funding during the year was a €1.18 million grant from the Arts Council, the same as in 2008.

It received other grants of €50,000, compensating for much of the shortfall arising from the failure to host a fundraising ball.

There was a sharp fall in sponsorship income to €193,564 from €404,661 the previous year. Box office receipts and performance fees also fell – to just over €360,000 from more than €400,000 in 2008.

Overall, revenue came to €1.95 million compared to €2.22 million a year earlier.

Salaries dipped to €274,247 from €356,295 and touring expenses were also reduced.