Killarney Hotels Ltd Suffer €36.97 Million Pre-Tax Loss
Published on Oct 8 2013 10:45 AM in Hotel
Killarney Hotels Ltd plunged deeper into the red last year to record pre-tax losses of €36.97million.
The hotel firm run the award-winning, five-star The Europe Hotel and Resort and the five-star, Dunloe Castle Hotel [pictured], the four-star Hotel Ard na Sidhe. Accounts recently filed to the Companies Office show that the hotel company recorded the loss after writing down its property by €28m.
The latest loss is more than three 3 the pre-tax loss of €11million in 2011. This comes despite revenues at the company increasing by 26pc to €10.69 million in the 12 months to the end of December last year.
Costs also increased by 8pc, from €15.3 million to €16.6 million
The directors' report states that they "consider the performance of the company to be unsatisfactory, although in line with expectation".
The figures show that the company suffered a loss of €6.9m in 2011 followed by a loss of €5.9m in 2012.
The accounts include a depreciation charge of €8m.
However, the directors say they believe The Hotel Europe and Resort has long-term value, The hotel was winner of the Best Resort Hotel in 2012 and has undergone some recent renovations.
The figures show that the group generated €10.1 million of its revenues through its hotels and €585,882 through the operation of a 200-acre farm.
The company's parent, Liebherr Hotels AG, loaned the company an additional €9million.