Regency Hotel Posts €1m Profit

By Publications Checkout
Regency Hotel Posts €1m Profit

Hotel firm Regan Developments has revealed that operating profits at its Regency Hotel in Dublin more than doubled to €1m last year.

However, according to a report in the Irish Examiner, new accounts show that the firm recorded a pre-tax loss of €20.7m after booking an €21m exceptional cost.

"Sales in the hotel remained stable with the prior year… the results in the hotel trade mirror market trends within the Dublin area and based on management accounts positive results are expected to continue," according to the directors' report.

 According to the Irish Examiner, the firm also recorded a €601,173 loss on the disposal of a business segment, while the firm's gross profit in 2014 increased by seven per cent from €3.67m to €3.92m. Distribution costs of €1.6m and administrative expenses of €1.1 reduced the firm's profit to €1m.