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Killiney Castle operator in €7.9m property writedown

The company that operates the four-star Fitzpatrick's Killiney Castle hotel in Dublin is planning to return to profitability this year after recorded a loss of €8m last year.

The loss recorded by Killiney Hotels Ltd arose mainly from the company writing down its property by €7.9m last year.

Accounts just filed show that the company recorded a pre-tax loss of €343,671 in the 12 months to the end of September last. However, the €7.9m writedown increased the company's losses to €8m.

The 18th century, 113-room hotel is owned by Eithne Scott-Lennon. Her brother and well-known hotelier John Fitzpatrick runs two Fitzpatrick hotels in New York.

The figures show that the company made an operating profit last year of €28,924, but bank loan interest payments of €372,595 resulted in the pre-tax loss.

According to the directors, they are "disappointed with the company's trading performance during the year. Plans for 2011 are for the improvement of the company's trading performance and a return to profitability".

Irish Independent