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Operator Of Gleneagle Hotel Reports Profit Increase

Published on Jan 13 2017 10:35 AM in Hotel tagged: Gleneagle Hotel / Ireland's National Event Centre / Gleneagle Holdings

Operator Of Gleneagle Hotel Reports Profit Increase

The operator of Killarney's 3-star Gleneagle Hotel and Ireland's National Event Centre (INEC) booked an operating profit of €1.05 million as it saw turnover increase by six per cent in 2015.

Newly-filed accounts for Gleneagle Holdings Killarney Ltd show that an exceptional cost of €384,000, which was related to the write-off of debt owed to the company, resulted in a pre-tax loss of €267,425, reports The Irish Examiner. However the directors report stated it is confident that the group will see a return to profitability in 2016 as it saw revenues increase by six per cent to €24.8 million.

Gleneagle Holdings saw its staff numbers increase from 382 to 409 with staff costs growing to €10.8 million in 2015, up from €9.7 million. A note attached to the new accounts said "a cross guarantee is held by AIB for the debt of all companies, some of which are in a net liability position" and that "the group has the support of its bankers and continues to be in a position to pay debts as they fall due".

Chief financial officer at the Gleneagle Group, Manjit Gill, commented: "We are once again set to host a series of large-scale events in 2017, which will, in turn, benefit the entire region and these include The Musical Dirty Dancing, Kerry Comic Con, the WIDA World Dancing Championships and the Insomnia Gaming Festival."

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