Cork's 5-Star Fota Island Resort Sees Profits Fall
The owners of Cork's 5-star Fota Island Resort has seen its operating profits fall by 37% to €232,845 last year.
However, the hotel did see an increase in its gross profits of 10%, up from €7.8 to €8.6 million, for the 12 months to the end of September, reports the Irish Examiner.
The 500-acre property was originally built by Irish developer John Fleming at a cost of over €90 million but was snapped up by the Chinese-owned Kang family firm from Nama for €20 million.
Newly-filed accounts show there was a pre-tax loss of €53,658 as a result of paying interest payments of €286,503 and that the hotel had accumulated profits of €2,174. The director's report said its cash pile had doubled to €609,882, that a total of €406,495 capital expenditure was used to acquire assets and its staff costs increased to €4.46 million despite employee numbers falling to 204.
The hotel's owners hope to tap into Ireland's growing tourism market with the report saying it plans to continue its present activities and current trading levels.