Munster's declining fortunes on the rugby field have hit profit at the company that operates the €40 million Thomond Park in Limerick.

Operating profits at Thomond Park Stadium Company Ltd (TPSCL) almost halved last year to €354,000 from €612,000 in 2011 as revenues slid 19 per cent to €2.15 million in the 12 months to end-June.

Stadium director, John Cantwell yesterday attributed the drop in operating profits to reduced number of Munster games at the stadium last year – notably only one knockout match at the stadium as opposed to three the previous year.

Mr Cantwell said that revenues were also hit by the failure to stage any concerts at the stadium last year: in 2011, it hosted two.

After loan interest payments of €332,000 and a non-cash depreciation charge are taken into account, the firm’s loss after tax increased by 36 per cent to €1.35 million.

Mr Cantwell said that the figure was in line with budget. He said the stadium would host at least one concert this year – Bruce Springsteenin July – and possibly another in August. Negotiations are also ongoing on hosting a high profile soccer match in July.