Pre-Tax Profits Decrease At Former Parent Company Of Powerscourt Hotel
Accounts filed at the Companies Office by Sugarloaf Ventures Ltd have revealed that the hotel company's pre-tax profits decreased 8% to €1.833 million in 2018.
2018 was the final year that Sugarloaf Ventures operated Co. Wicklow's Powerscourt Hotel, which was sold to MHL Hotel Collection in early 2019.
Sugarloaf's pre-tax profit for 2018 took account of non-cash depreciation costs of €958,857 and lease costs of €858,647 paid to a connected company, as reported by The Irish Times.
Revenues, Cash Funds And Shareholders' Deficit
Meanwhile, Sugarloaf's revenues rose 2% to €21.73 million; its cash funds increased from €2.7 million to €3.5 million; and the company had a €1 million shareholders' deficit at the end of 2018.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.