Operating profits at Killashee House hit €1.99m
OPERATING profits at the four-star Killashee House hotel in Co Kildare last year increased marginally to €1.99m.
This followed revenues at hotel firm, Craigfort Taverns Ltd, going up from €12.03m to €12.12m last year.
The directors state that they expect to continue to invest in the business in the coming year with a view to achieving managed growth and profitability in the company's operations.
The firm recorded a pre-tax profit of €1.49m after paying bank interest charges of €499,178. The pre-tax profit of €1.49m is less than half the pre-tax profits of €3.74m recorded in 2016. However, the 2016 profits were boosted by an exceptional non-cash €2.5m gain in the increase of the company's property.
The hotel is one of a number of hotels owned by Tetrarch Capital. Other hotels in the Tetrarch group include the Marker hotel in Dublin, Mount Juliet in Co Kilkenny and the five-star Powerscourt hotel in Co Wicklow. The 141-bedroom hotel located near Naas was previously owned by businessman Jack Tierney. The hotel's conference and events business contributed to last year's strong performance.
The company paid a dividend of €1.3m to its parent firm, Chalus Holdings Ltd, on March 31 2017 and the firm paid a dividend of €630,000 to Chalus in March of this year. Numbers employed by the hotel in 2017 increased from 143 to 158, with staff costs increasing from €4.51m to €4.59m.