An Irish subsidiary of UK music publisher Chrysalis incurred a loss of €358,966 in the 15-month period to September 30th, 2010, writes Caroline Madden. Dundrum-based Chrysalis One Music Publishing, which traded as First State Media until it was taken over by Chrysalis in 2010, said profitability had been adversely affected by professional and restructuring costs arising from its change of ownership.

The company, which manages intellectual property rights relating to music catalogues, saw revenues drop from €8.63 million in the year ended June 30th 2009 to just under €3.1 million. In accounts recently filed with the Companies Office, it said the “exceptional” prior year results were mainly due to a once-off “sourcing fee” that arose on the sale of its music catalogue interests to the FS Media Holding fund in 2008.