Ireland to help China develop horse breeding industry
Deal expected to be worth US$50m to Irish economy within three years
 RSS Feeds |  News Alerts |  Newsletter |
Pretax loss of €2.5m in 2011 for HMV Ireland
07.02.2012
Tags:
HMV
The Irish division of the popular music-store chain HMV suffered losses to the tune of €2.5m in the 53 weeks to the end of 30 April last, according to accounts filed.
This was in comparision to the previous year, when the company, HMV Ireland Ltd, recorded a pretax profit of €631,000.
The negative results for 2011, came about following a drop in sales of 11pc to €76.4m. The loss includes exceptional costs of €1m relating mostly to the impairment of retail assets, with €50,000 accounted for by redundancy costs relating to non-store employees.
As of 30 April 2011, HMV, which specialises in music, video, electronic games and books, had 16 shops here. According to the directors' report: "The company continues to trade and will continue its existing business for the foreseeable future". The accounts show that the company paid €38m in dividends in fiscal 2010 and that the loss sustained last year further reduced the company's accumulated profits to €7.2m. No dividend was paid last year.
The fortunes of the UK parent company have also been disappointing . Shares dropped last month following an 8pc decrease in sales across its 256-store network over the Christmas period.
Tags:
HMV