Irish Nationalg ets backi n the black.
THE IRISH National Stud has reported a small profit for 2011 following two years of heavy losses. The stud finished the year EUR20,000 in the black after losing EUR1.1 million in 2010 and EUR4m the year before.
It is the first recorded profit for five years. INS chief executive John Osborne said: "Like everyone else in the bloodstock industry we still have to weather the storm. It has been a slow climb to break even but it is good to be back in the black and we will see where it takes us from here."
One of the reasons for the improved return, Osborne said, was the presence in the INS stallion roster of Invincible Spirit (pictured), "one of the best stallions there is". His fee was increased in 2011 to EUR60,000 from EUR45,000.
The loss and subsequent insurance payout of another of its sires Verglas, "while not the right way to try and make money", also contributed to the improved performance, Osborne said.
He added that previous losses had more to do with the downgrading of the valuation of INS bloodstock than issues such as its high-profile legal dispute with former employee Julie Lynch. "It was more to do with write-downs and write-offs than anything else," Osborne said.
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|Publication:||The Racing Post (London, England)|
|Date:||Jun 27, 2012|
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