Wednesday 21 August 2019

Pre-tax profits decline at 'First Dates' hotel

The Gibson Hotel in Dublin was last year purchased by the Dalata hotel group
The Gibson Hotel in Dublin was last year purchased by the Dalata hotel group

Gordon Deegan

Pre-tax profits at the hotel that hosts the Irish version of the 'First Dates' TV show last year declined by 60pc to €807,000.

The drop in pre-tax profit at the Gibson Hotel in Dublin occurred in spite of revenues increasing by 7pc, going from €14.38m to €15.39m in the 12 months to the end of December last.

The hotel, located a short distance from the 3Arena in Dublin's Docklands, was last year purchased by the Dalata hotel group.

Dalata, Ireland's largest hotel operator, has a portfolio of 38 three- and four-star hotels with over 7,700 rooms.

The directors' report for the Gibson hotel firm, Galsay Ltd, discloses that profits were hit at Galsay by acquisition costs of €400,000 in 2016.

The company's €2m pre-tax profit in 2015 was inflated by €1m arising from a connected firm forgiving a loan to Galsay of that amount.

The hotel's profile has been boosted by Coco Television shooting three series of RTE's 'First Dates' programme in the hotel's Coda Eatery where every moment is captured by over 20 cameras.

Numbers employed by the hotel last year deceased from 149 to 137, with staff costs deceasing from €4.3m to €3.9m.

The profit in 2016 takes account of operating lease rentals of €4.5m and non-cash depreciation costs of €52,000.

The company's cost of sales last year reduced marginally from €5.84m to €5.83m while administrative expenses increased from €7.6m to €8.7m.

The company's gross profits last year increased from €8.5m to €9.56m.

The company recorded a post tax profit of €690,000 after paying €117,000 in corporation tax.

Irish Independent

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