Profits Rise for Clontarf Castle Hotel
Published on Jun 19 2014 11:37 AM in Hotel
The Irish Independent today reports that profits at Clontarf Castle Hotel rose from €778,000 in 2011 to €1.8m in 2012. This was mainly due to an increase in room revenue and cutting its administrative expenses from €5.7m to €4.6m from the previous year.
The hotel has seen room revenue increase along with a general improvement in the fortunes of the capital's hotels, reflecting what many regard as a two-speed recovery in Ireland. As a result of the Gathering and other initiatives, Dublin hotels seem to be prospering.
According to the Irish Independent: "The Clontarf Castle accounts show that it had net debt of €10.8m at the end of October 2012, compared to €11.8m a year earlier. The accounts also note that the hotel was revalued last year. That revaluation concluded that the hotel's value is more than the €15.3m carrying value it's currently listed as having."
Allegedly the accounts note that, "The directors believe that it is prudent not to increase the value of the premises, but to reflect this revaluation excess, there is no provision for depreciation on land and buildings, and fixtures, fittings and equipment in the current year."