ONE MORE THING:Tricky times for Galway-based businessman John Sweeney, whose Black Shore Holdings group recorded a bottom-line loss of €7.9 million in the year to the end of February 2008.
Black Shore comprises Sweeney's oil, property and hotel interests. While Black Shore's turnover rose by nearly 17 per cent to €196.8 million, its operating profit declined by 24 per cent to €4.1 million. The company also incurred a €1.6 million loss in an associate company that wasn't named in the accounts.
Interest payments of about €0.4 million gave it a pre-tax loss of €2.8 million. When certain tax charges and a €4.7 million property write-off are added into the mix, the company was €7.9 million in the red for the year.
This left it with accumulated losses of just more than €1 million at the end of last February although shareholder funds stood at €47.2 million.
In addition, its net debt mushroomed during the year to €237.5 million from €218 million a year earlier. It is a heavy burden to bear in the current climate, especially with his hotel and property interest likely to experience difficult trading conditions for some time to come.
Sweeney is the biggest shareholder in the consortium that owns the Shelbourne Hotel. It is currently involved in a bitter dispute with Marriott, the hotel's operator, over the way the property is being run.
There was some good news for Sweeney in 2008. In April, he agreed a deal with oil major Esso to rebrand his 20 filling stations in Connaught and the midlands and 70-strong fleet of fuel trucks.
