Operating profits increase fourfold at Parknasilla
Published 08/01/2016 | 02:30
Operating profits at one of the best known 4-star hotels in the country, Parknasilla in Co Kerry, increased more than fourfold to €452,543 in 2014.
Accounts recently filed by Silork Ltd show that the business recorded the major jump in operating profits after the firm's gross profit went up by 19pc from €3.56m to €4.25m.
However, large foreign exchange losses of €1.32m along with interest payments of €705,182 resulted in the business recording a pre-tax loss of €1.57m.
MD of Parknasilla Tony Daly said that the hotel in 2015 "will record a very small modest profit as we have re-invested all significant funds into refurbishment, repair and upgrading the resort".
Mr Daly said: "Additionally due to the funding being in US dollars it has resulted in higher interest repayments impacting on the bottom line."
Mr Daly said that the revenues at the hotel last year were in excess of €6m after being over €5m in 2014.
Commenting on last year, Mr Daly said: "2015 was an exceptionally good year that started strong and continued right through to the end of the season. Overall revenue grew by close to 20pc driven by increased occupancy and improved rates."