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Pre-Tax Profits Decrease At Former Parent Company Of Powerscourt Hotel

Published on Mar 4 2020 10:14 AM in Hotel tagged: Trending Posts / Sugarloaf Ventures Ltd

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.

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