Pre-Tax Profits Drop At Tifco Hotel Group
New accounts filed by the Tifco hotel group have revealed that the firm's pre-tax profits decreased by 26% to €3.5 million last year.
Despite the drop in pre-tax profits, the company's revenues rose from €37.24 million to €37.42 million last year.
Meanwhile, the number of people employed by the group rose from 316 to 324 and staff costs amounted to €11.8 million, while directors' pay increased from €480,900 to €678,707 and revenue per available room (RevPAR) rose 5%.
Additionally, shareholder funds totalled €104.8 million, including accumulated profits of €5 million, and the company's cash pile amounted to €1.5 million.
According to The Irish Independent, the company's directors stated, "Profits decreased in the year due to exceptional costs associated with the sale of the hotel group in October, 2018."
Tifco, the portfolio of which includes a management contract for Dublin's Clontarf Castle Hotel and the freehold ownership of three Crowne Plaza properties, was purchased by Apollo Global in October of last year.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.