The company that operates Dublin’s Citywest hotel, Cape Wrath Hotel Ltd, has filed new accounts indicating that its pre-tax profits dropped 79% to €316,634 in 2016.
The Irish Independent reports that the company recorded the decline in profits in spite of an 11% rise in revenues from €22.83 million to €25.33 million. Among the main factors that caused the decrease in profits were a rise in non-cash depreciation costs from €305,340 million to €1 million and an increase in operating lease costs to a related company from €1.49 million to €2.42 million.
However, the directors’ report states that they still consider last year’s trading performance to be satisfactory.
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Meanwhile, the amount of people employed at the Citywest hotel rose from 325 to 330 last year, with staff costs increasing from €7.95 million to €8.664 million, while a breakdown of the venue’s revenues revealed that €23.9 million came from rental income and auxiliary services, €883,946 came from leisure and €469,251 was as a result of golf.
The Citywest hotel is currently Ireland’s largest hotel with 789 bedrooms.