Get the app today! Download iPhone App Download Android App

SUBSCRIBE

Earnings Hit €850k At Lough Eske Castle Hotel

Published on Nov 20 2018 10:58 AM in Hotel tagged: Trending Posts / Lough Eske Castle

Earnings Hit €850k At Lough Eske Castle Hotel

Co. Donegal's five-star Lough Eske Castle hotel saw its earnings before interest, tax depreciation and amortisation (EBITDA) increase to €850,000 last year as revenues rose from €8.6 million to €8.9 million.

The Irish Independent reports that the hotel's employment numbers declined from 177 to 173 in 2017, with staff costs increasing from €4.1 million to €4.3 million while a rise in administrative expenses from €2 million to €4.1 million resulted in pre-tax profits decreasing 97% from €1.76 million to €40,547.

"A Positive Year Of Trading"

Commenting on the figures, Nick Doherty, finance director of Lough Eske parent company Harcourt Developments, said, "2017 was a positive year of trading for Lough Eske with revenues increasing by 4% and occupancy growing by 8%.

"We also moved to an operating model of full-time opening during the winter season, which has been well received by the market."

Like-For-Like Basis

Addressing the decline in pre-tax profits, Doherty added, "The hotel's profits in 2016 were boosted by exceptional items including the reversal of an historic refurbishment provision and the adjustment of other accruals.

"On a like-for-like basis, operating profits have actually increased in 2017 due to overall improved trading conditions."

© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Share on Tumblr Share via Email