The company, which runs the Kildare Village shopping centre, reported an operating profit of €368,000 last year despite the impact of Covid-19.
New accounts show Value Retail Dublin Ltd reported operating profits last year after posting operating losses of €105,000 in 2020.
The company’s revenues increased by 22% from €9.86 million to €11.99 million.
A note attached to the accounts says Kildare Village was closed during certain periods in 2021 due to Covid-19 restrictions.
The note said trading while open was subject to restrictions imposed to stop the spread of Covid-19 and the impact was that revenue fell from previously expected levels.
Last October, Kildare Village – which is backed by property giant Hammerson – expanded its facilities with Phase 3 partially open.
Directors state that once Phase 3 is fully open, the leasable area will be 21,606m², almost double the leasable area of 10,968m² when Kildare Village opened in 2006.
Some of the brands available at Kildare Village are Louise Kennedy, Jimmy Choo, Guess, Armani, DKNY, Furla, Calvin Klein, Coach, POCO by Pippa, Polo Ralph Lauren, Skechers, Swarovski and Gym+Coffee.
Directors say the occupancy rate was 80 percent at the end of last year, compared to 97.7 percent at the end of 2020.
The Company recorded a pre-tax loss of €5.46 million primarily due to finance costs of €7.24 million offset by a €1.41 million gain in fair value derivatives became.
Finance costs of €7.2 million include €3.74 million in interest payments to Group companies and €2.83 million in interest on bank loans.
Directors state that “Taking into account the impact of the Covid-19 pandemic, Directors are pleased with the results for the year and are confident in the Company’s future prospects.”
The company “is in discussion with additional brands wishing to trade from the Village and commercialization and retail progress is in line with expectations for this phase of its development,” the statement said.
The income in the past year consisted of 5.8 million euros in license fees, 5.68 million euros in ancillary cost income and 511,000 euros in “other income”.
https://www.independent.ie/business/irish/kildare-village-back-in-profit-in-2021-as-covid-hit-eased-42165597.html Kildare Village back to profitability in 2021 as the Covid hit eased