Get the app today! Download iPhone App Download Android App

SUBSCRIBE

Profits Drop At Citywest Hotel's Parent Company

Published on Oct 4 2018 10:25 AM in Hotel tagged: Trending Posts / Citywest Hotel / Cape Wrath Ltd

Profits Drop At Citywest Hotel's Parent Company

Operating profits at Cape Wrath Ltd, the company that run's Ireland's largest hotel, Citywest, dropped 42.5% last year to €528,649.

The Irish Independent reports that the drop in operating profits occurred despite an 11.5% increase in the firm's revenues, which rose from €25.33 million to €28.23 million.

Costs And Staff Numbers

The primary contributor to the decline in the company's operating profits was an increase in non-cash depreciation costs, which rose from €1 million to €2.3 million. After interest costs of €677,803 are taken into account, Cape Wrath recorded a pre-tax loss of €145,052.

Meanwhile, operating lease costs to a related entity decreased from €2.42 million to €2.22 million and the number of people employed by the firm remained static at 330, with staff costs coming to €9.3 million.

© 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.

Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Share on Tumblr Share via Email