Sales double at Kerry hotels
Published 25/10/2016 | 02:30
Revenues at a group that operates two five-star hotels in Co Kerry rose by 27pc to €17m last year.
However, hefty non-cash depreciation charges of €6.5m resulted in Killarney Hotels recording a pre-tax loss of €4.9m.
Killarney Hotels runs the award-winning five-star The Europe Hotel & Resort and the five-star 102-bedroom Dunloe Castle Hotel, along with the four-star Hotel Ard na Sidhe.
Accounts just filed by the Swiss-owned firm to the Companies Office show the group recorded a pre-tax loss of €4.9m last year. However, after recording a corporation tax credit of €4.6m the firm recorded a post-tax loss of €349,056.
Turnover at the group has increased by 100pc since 2011 when revenues of €8.49m were recorded. The directors' report for 2015 said they "consider the performance of the company to be unsatisfactory, although in line with expectation".
The directors said while Irish tourism enjoyed double-digit growth in 2015, the industry is going through change.
The directors stated: "It is more and more consumer-led and digital technologies are shifting the balance of power further towards the consumer. Killarney Hotels have to continue to evolve in order to compete in a digital world of increasing demanding international guests."
Remuneration for the directors, listed as Michael Brennan, Gerry Browne and Adrian Stehr, jumped to €552,443. This included €28,408 in pension contributions. The average numbers employed by the group increased from 151 to 175.
The directors stated that although the company made a loss of €349,056m, the directors have continued to prepare the statements on a going concern basis as they have received assurances from the company's parent, Library Hotels AG.
The firm's shareholder funds at the end of last year totalled €9m.
The figures show that the group generated €16.6m of its revenues through its hotels and €407,020 through the operation of a 200-acre farm.