Losses before tax at the company that operates the shopping destination, Kildare Village, doubled last year to 6.48 million euros.
According to new calculations provided by Value Retail Dublin Ltd, the company’s loss before tax increased sharply as revenue fell 37% from €15.66 million to €9.86 million.
A note attached to the accounts attributes a €5.8 million decrease in revenue to the forced closure of the village during 2020.
Losses before tax last year increased by 83.5% from €3.53 million in 2019 to €6.48 million.
The company recorded an operating loss of €105,000 in 2020, financing costs of €4.8 million and interest payments of €1.57 million resulting in a pre-tax loss of €6.48 million.
Value Retail Dublin managers, who are backed by real estate giant Hammerson, said they have determined that the pandemic « will continue to significantly impact the company’s business. »
They state that they will « continually monitor the situation and take any necessary measures to further reduce the effects of Covid-19 ».
A note accompanying the accounts notes that Kildare Village closed in line with COVID-19 restrictions for certain periods in 2020, also during the early months of 2021.
The memo reads: « A number of initiatives have been identified and implemented that have generated off-budget income during lockdown periods, and could generate meaningful additional sales in the future once the Covid-19 pandemic subsides. »
The directors stated that given the impact of the Covid-19 pandemic, they are « satisfied with the results for the year and are confident about the company’s future prospects. »
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The directors also stated that the company is « in discussions with more brands willing to trade from the village and that the offering of trade and trading is in line with expectations for this stage of its development. »
Last year’s company licensing fee income fell 50% from 8.75 million euros to 4.34 million euros, while service fee income fell 27% from 6.44 million euros to 4.69 million euros.
The village started trading in July 2006 with a leased area of 10,968 square metres, increased by 48% to reach 16,204 square meters on December 31, 2020 and occupied by 97.7%.
Construction of the third phase of Kildare Village began last year.
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