Music sales by top Irish acts The Script and Kodaline last year contributed to the pre-tax profits at the Irish arm of music giants, Sony increasing more than three fold to €1.379m.
The sharp increase in pre-tax profits came as revenues at Sony Music Entertainment Ireland Ltd increased by 8% from €12.35m to €13.3m in the year to the end of March last.
The directors state that they are confident that Sony Music Entertainment Ireland Ltd will continue to deliver strong results in a challenging market through a strong release schedule, aligning its business model to the changing market and controlling costs effectively.
On the risks facing the company, the directors said the company considers the key risks to be physical market decline in addition to the strength of the release schedule.
Other Sony artists include AC/DC, Brittney Spears, Bruce Springsteen, George Michael and Mark Ronson.
The directors of Sony Music Ireland are listed as Annette Donnelly, Michael Smith and Ross Timmons. Pay to directors last year increased from €480,000 to €491,000 made up €462,000 in pay and €29,000 in pension payments.
The numbers employed at Sony Music Ireland last year remained static at 12 with five employed in marketing and promotion, four in sales, two in management and one in administration.
Staff costs at the firm last year increased from €1.34m to €1.4m. Cost of sales last at the firm last year increased from €8.3m to €8.7m with administrative expenses decreasing from €3.6m to €3.24m.
The firm recorded a post tax profit of €1.2m after paying corporation tax of €179,000.
At the end of March last, shareholder funds at the firm totalled €16m and this was made up of €12.14m in share premiums and €4m in accumulated profits.
Reporting by Gordon Deegan