The company that operates the independent commercial television channels TV3 and 3e was pushed into the red again last year by hefty interest charges.
Latest accounts for Tullamore Beta Ltd show that it made a loss of €7 million in 2012, up from €6.7 million in the previous year. Its interest bill for the period rose to €8.4 million from €7.7 million in 2011.
IBRC
The company closed the year with net debts of €105 million, split almost equally between loans owed to Irish Bank Resolution Corporation, which is in liquidation, and to its parent company, UK investment group Doughty Hanson.
The broadcaster actually increased its operating profit by 52 per cent to €1.37 million. This included expenditure on a new trading scheme and costs associated with the development of its new Sony HD Studio in Ballymount, west Dublin.
Revenues declined by 1.8 per cent to €57.6 million but this was more than offset by a reduction of €1.3 million in operating expenses to €54 million.
Tullamore Beta once again booked a goodwill amortisation charge of €2.46 million.
In a statement released yesterday, TV3 said its Ebitda (earnings before interest, tax, depreciation and amortisation) grew from €5.5 million in 2011 to €5.8 million last year.
Commenting on the results, TV3 chief executive David McRedmond, said: “2012 and H1 [first half] 2013 saw the most difficult trading environment for advertising but I am pleased that the group came through the year with increased earnings and with revenues ahead of market.”
Advertising market
The directors' report attached to the financial statements said they "expect revenue growth in 2013 on the basis of a stabilising advertising market and diversification into new revenue streams".
Tullamore Beta’s accounts show that the company had accumulated losses of €260 million at the end of 2012 and a deficit in its equity shareholders funds of €69.5 million.
