Newly-filed accounts for the Hastings Hotels Group have revealed that the firm's profit decreased 39% to £3.19 million during the year that ended on October 31, 2018.
The drop in profit came despite a 4% rise in the group's turnover, which amounted to £41.18 million.
Meanwhile, staff costs increased 12% to £14.83 million and directors' pay decreased from £1.1 million to £988,622.
Acquisition Of Assets
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Hastings Hotels owns seven hotels in Northern Ireland and is a 50% shareholder of Dublin's Merrion Hotel.
The group spent £23.58 million on the acquisition of assets in 2018 following a spend of €24.84 million on assets in 2017, which increased its interest costs from £761,071 to £1.49 million.
According to The Irish Times, the group's directors stated that it "will continue to seek every opportunity to increase profitable turnover".
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