Pre-Tax Profits Fall While Revenues Rise At Killiney's Fitzpatrick Castle Hotel
New accounts for the company that operates the Fitzpatrick Castle hotel of Killiney, Co. Dublin, have revealed that the venue's pre-tax profits decreased by €3,244 to €366,271 during the year that ended on October 31, 2018, while revenues rose 5% to €7.7 million.
The hotel's operating profit decreased by 14% to €607,634. Interest payments €231,363 brought its pre-tax profit down to €366,271. The venue also paid €112,336 in corporation tax for the twelve month period.
Meanwhile, staff cost including directors' remuneration rose to €3.35 million from €3.2 million and shareholder funds amounted to €6.2 million on October 4, 2018.
According to The Irish Times, the report from the directors of the hotel's parent company, Emdora Ltd., stated that the directors were "very satisfied with the performance of the business during the year".
The directors' report also stated that "the hotel has undertaken a major capital expenditure and refurbishment programme over the last two years. This has had an impact on the profit before tax. However, the benefit of this work will be felt in the coming years."
© 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.