The nursing home operator headed up by the chairman of the Shannon Airport Authority (SAA), Pat Shanahan, last year recorded an operating loss of €387,000.
According to its latest returns from the Companies Office, Mowlam Healthcare Ltd increased the size of its business last year by 25 per cent - from 11.4 million to 14.2 million.
The country's largest nursing home operator, which is to open a new nursing home and retirement village in Kilrush, Co Clare in the New Year, however recorded an operating loss last year of €387,000. This followed an operating loss of €335,462 in 2005 contributing to an accumulated loss of €1.29 million at the end of last year.
Mowlam operates 12 nursing homes providing long-term, convalescent and respite care for the elderly throughout Ireland.
During 2006, Mr Shanahan increased his shareholding from 22.5 per cent to 33.3 per cent in the company. The two other directors with a third share each in the company are Joe Hanrahan, who has a background in the catering industry, and former partner with accounting firm Grant Thornton, John Shee. Last month, Mr Shanahan resigned his post as executive chairman of the SAA in protest at the failure of the Dublin Airport Authority (DAA) to inform him and the SAA of Aer Lingus plans to end the Shannon-Heathrow route.
In recent weeks, Mr Shanahan has overseen the completion of the business plan for an independent SAA, which has now been lodged with the DAA.
Two years ago, Mowlam Healthcare Ltd secured funding of €100 million to increase its home capacity to 20 with over 1,000 beds.
The company has nursing homes located in Dublin, Meath, Galway, Limerick, Waterford, Kilkenny, Sligo and Westmeath.
The company's accounts show that the wage bill for the company's 452 employees was €9 million last year.
This is an increase of €1.4 million on the €7.6 million paid to the 430 employees in 2005.
The accounts also show that the directors' emoluments last year were €107,000. According to a statement with the accounts, the directors have not recommended a dividend.
The Riverwood nursing home and retirement village in Kilrush comprises a 47-bed nursing home, 16 assisted living apartments and 15 retirement houses.
Mr Shanahan said: "We are really proud of the standard of all our homes and retirement villages, and Riverwood is no exception. Riverwood is located in beautifully landscaped grounds, designed with the residents' enjoyment, security, and convenience in mind.
Mr Shanahan, who formerly worked as vice-president of the US-owned Tellabs in the Shannon Free Zone, added: "We are committed to enhancing the quality of life for all our residents, and delivering high-quality care which is focused on those who live in Riverwood and in our other homes throughout the country."
