UCI profits edge up as cost of sales rises sharply

Pre-tax profits at the Irish subsidiary of the UCI multiplex cinema chain came close to 5 million during 2002, according to the group's latest filings with the Companies' Registration Office (CRO).

United Cinemas International (Ireland) Ltd posted a turnover of 21.5 million for the year to December 31st, 2002, over 10 per cent up on the previous year's sales of €19 million.

However, a 2.3 million increase in the cost of sales to €14.7 million ate into most of these gains, leaving the company with a pre-tax profit of 4.87 million at the end of 2002, compared with 4.54 million a year earlier.

UCI Ireland's balance sheet shows that it had net assets of €10.72 million in 2002, down slightly on the previous year's figure of €11.23 million.

The company had €1.3 million in the bank. It paid a €5 million dividend to its shareholders, Netherlands-based United Cinemas International Multiplex and United International Multiplex.

The number of people employed at the Irish operation grew to 133 from 126. Staff costs just topped €3 million from €2.8 million in 2001.

UCI operates multi-screen cinemas in the Dublin suburbs of Blanchardstown, Coolock and Tallaght. Between them, they have 29 cinema screens.

The group is a partnership between long-established Hollywood production companies, Paramount and Universal. It has 35 complexes in the UK, and has a presence throughout Europe, as well as Taiwan, Japan and Brazil.