Hotel Group's Profits Double

By Publications Checkout
Hotel Group's Profits Double

The Dublin-based property group that operated the €100 million Titanic Quarter have seen their profits double by €25.9 million.

Harcourt Developments revealed that there was 115% rise in operating profits despite revenues declining by 19% from €131 million to €106.5 million in the 12 months to the end of December last year.

However, interest payments totalling €23.2 million and €2.36 million written off in investments resulted in the group recording a pre-tax profit of €380,738. This was followed by the group recording a pre-tax loss of €14 million in 2011.

A considerable amount of the group's loan facilities were moved to Nama accounts in 2010. The note attached said "The majority of these loans are secured on income-producing assets, which are sufficient to service the interest obligations. At the end of Feb 2012, the group successfully completed the restructuring of its loan facilities with Nama. This secures the group's financial position and outlines a strategy to repay its loans up to Jun 2016. All of the group's non-Nama lenders continue to be supportive and loan facilities are in place."