Dublin radio station Lite FM, now trading as Q102, more than doubled its pre-tax losses in 2003, according to accounts lodged with the Companies Office.
The station, ultimately owned by UTV, was rebranded in 2004 as Dublin's Q102. Its 2003 results as Lite FM show pre-tax losses rising from €194,794 to €494,021. This was on turnover of €2.7 million.
The company's operating performance was more encouraging. Its operating losses of €391,586 were down from €566,506 the year before. During the period under review, Lite FM was owned by City Broadcasting Ltd, a subsidiary of UTV.
The accounts state: "The parent company has agreed to support the company to meet its liabilities as they fall due. The directors therefore believe that continuing finance will be available and that it is therefore appropriate to prepare the accounts on a going concern basis."
Lite had carried forward losses at the end of the year of over €3 million. The accounts state that, in 2003, redundancy costs of more than €75,000 were paid out to departing sales staff.
In the 2002 results, the company's profits were boosted by the waiving of certain loans worth €633,023.
Director's remuneration in the year under review amounted to €238,366, down from €305,445 the year before. According to the accounts, there were four directors at the company.
In February 2004, the station was rebranded as Q102. Since then its listenership figures have improved considerably.
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