Rising costs eat into Kingsley Hotel profits
Pre-tax profits at the four-star Kingsley Hotel in Cork fell by 29%, to €465,259, last year.
Newly-filed accounts for the hotel’s operator Xiu Lan Riverside Hotel Ltd show that the hotel’s revenues rose by 4% to €9.7m in the 12 months to the end of last September.
The company is part of the Xiu Lan group of Irish companies which also operates the luxury Fota Island Resort outside Cork city.
The drop in profits, at the Kingsley Hotel’s owner, arose mainly from administrative expenses increasing from €7.1m to €7.7m and the company said that the business performed in line with expectations.
The hotel recorded revenues of €4.18m from its rooms and revenues of €3.68m from its food and beverage offering.
Income from the spa and leisure centre increased from €1.23m to €1.37m as apartment revenue declined from €423,211 to €396,664. The business also recorded ‘other income’ of €66,587.
The company recorded a post-tax profit of €343,107 after paying corporation tax of €122,152, and its cash pile decreased from €884,718 to €302,571.
The profit last year takes account of non-cash depreciation of €643,458 and net interest payments of €229,032.
Numbers employed by the hotel rose from 162 to 169.
