Killarney Hotels Slips Further Into Red Despite Revenue Rise
Published on Oct 12 2014 1:37 PM in Hotel
Killarney Hotels Ltd, which operates two five-star Kerry hotels, has slipped further into the red despite a 14 per cent increase in revenue.
The group operates five-star The Europe Hotel & Resort and the five-star Dunloe Castle Hotel. It also operates the four-star Hotel Ard na Sidhe.
The accounts show that although revenues increased by 14 per cent from €10.69 million to €12.18 million, the group recorded a pre-tax loss of €7.6 million.
However, this is an improvement from 2012 which saw a pre-tax loss of €36.9 million, mainly due to a €28 million property writedown. A non-cash depreciation charge of €6.95 million was a major contributor to the loss last year.
The directors' report stated that the performance of the company was "unsatisfactory, although in line with expectation." The report also noted that "though the Irish tourism sector is experiencing a revival, there continues to be challenges in the hotel industry in Ireland."