New consolidated accounts filed by Tripoint Investments Ltd reveal that pre-tax profits at Hayfield, the company that runs Cork's five-star Hayfield Manor as well as the four-star Killarney Royal Hotel, rose by 51% to €5.43 million in 2016.
As reported by The Irish Independent, the rise in pre-tax profits was accompanied by a 1.7% increase in revenues, which rose from €22.6 million to €23 million, while operating profits rose from €4 million to €5.8 million. However, finance costs or interest payments of €458,742 brought total profits down to €5.4 million. Additionally, the Hayfield group recorded shareholder funds of €22 million, which included accumulated profits of €10 million.
Meanwhile, pre-tax profits at the Killarney Royal Hotel jumped €1.83 million, going from €3.59 million to €5.4 million, with staff costs decreasing from €8.4 million to €8 million and the overall amount paid out in salaries to management personnel totaling €303,811.