New accounts for FBD Hotels and Resorts have revealed that the Irish hotel group's pre-tax profits rose four-fold to €22.78 million last year.
As reported by The Irish Independent, the increase in profits was largely based on FBD booking a €13.58 million non-cash gain of the value of its portfolio.
Revenues And Employment Numbers
Meanwhile, FBD's revenues rose from €51 million to 53.7 million last year while operating profits increased 46% from €3.75 million to €5.48 million, with Irish hotels accounting for €16 million of the group's revenues and Spanish hotels generating €37.7 million.
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Additionally, the number of people employed by the group decreased from 700 to 626, with 250 people being employed in Ireland and 376 in Spain.
Hotels owned by FBD include the Castleknock Hotel in Dublin, the Faithlegg House Hotel of Co. Waterford and the La Cala resort on Spain's Costa del Sol.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.