Profits fall at hotel group

Operating profits at the hotel group which operates the INEC in Killarney fell 7% to €1.3m last year.

Profits fall at hotel group

Operating profits at the hotel group which operates the INEC in Killarney fell 7% to €1.3m last year.

Accounts filed by Gleneagle Holdings Killarney Ltd show the business increased its operating profits after revenues marginally fell from €27.6m to €27.5m.

However, exceptional costs of €280,083 along with interest payments of €1.1m and investment losses of €1.1m resulted in the Gleneagle group recording a pre-tax loss of €1.2m.

A note attached to the accounts show that a provision of €319,787 was made for a public liability brought against the group.

Staff numbers fell from 418 to 401 and staff costs increased from €11.6m to €11.7m.

According to the directors, they are satisfied with the performance of the group and anticipate it will be profitable and will maintain market position in the coming year.

The group’s shareholder funds totalled €3.2m at year end that included a cash pile of €1.1m.

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