Profits Soar At Galway's Five-Star Glenlo Abbey
New accounts released by Baswal Ltd reveal that pre-tax profits at Galway's Glenlo Abbey hotel rose over threefold to €226,847 last year.
The Irish Independent reports that in the year to the end of December 2016, the five-star hotel recorded an increase of 20% in gross profits, which rose from €3.3 million to €4 million during the period. Operating profits also increased from €211,171 to €479,303.
Additionally, 2016 staff costs amounted to €2.1 million, with key management personnel being paid €420,844. The latter figure encompassed €379,995 in wages and €40,849 in pension payments.
Responding to the above statistics, Glenlo Abbey general manager, Rory O'Sullivan said: "There has been a sustained investment in the product and we are beginning to reap the rewards of that. The future is very positive. In the three years since I have been here, the numbers employed have increased from 50 to 80."