Company That Operates Dublin's Conrad Hotel Records Decrease In Revenues For Last Year
The company that operates Dublin's Conrad Hotel, Earlsfort Centre Hotel Proprietors Ltd, has recorded an 80% decrease in revenues to €3.7 million for last year. As reported by The Irish Times, Earl...
The company that operates Dublin's Conrad Hotel, Earlsfort Centre Hotel Proprietors Ltd, has recorded an 80% decrease in revenues to €3.7 million for last year.
As reported by The Irish Times, Earlsfort Centre Hotel Proprietors Ltd recorded a pre-tax loss of €5.58 million for last year, which followed a pre-tax profit of €2 million in 2019.
The loss figure for last year reportedly takes account of non-cash depreciation costs of €2.17 million.
88 people were reportedly employed at the Conrad at year end reportedly, which was from 186 at the end of 2019.
Staff costs at Earlsfort Centre Hotel Proprietors Ltd reportedly decreased from €6.09 million to €3.54 million last year.
The company's shareholder funds reportedly amounted to €7.9 million at the end of December of 2020.
"Conrad Brand Remains Strong" Despite Business Challenges
The directors reportedly said that the business will continue to experience challenging business conditions due to the COVID-19 pandemic, but that the “Conrad brand remains strong in Dublin, particularly with US travellers”.
Assuming Depressed Demand Levels
The company's projections for 2021 reportedly assume depressed demand levels throughout Q1 and Q2.
Focussing On Domestic Demand
The company will reportedly focus on domestic demand until travel restrictions are eased and international travel starts to recover.
"Risks For The Future Are Particularly Complex To Assess"
The directors reportedly said, "The uncertainty around the recovery curve for the hospitality industry has never been greater, and, in this context, risks for the future are particularly complex to assess."
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