Tuesday 24 September 2019

Profits at former Seán Quinn hotel group jump to €2.5m

Booking bonanza: Profits at the Slieve Russell Hotel in Co Cavan almost tripled going from €332,000 to €854,000
Booking bonanza: Profits at the Slieve Russell Hotel in Co Cavan almost tripled going from €332,000 to €854,000

Gordon Deegan

Operating profits at former billionaire businessman Seán Quinn's hotel group nearly increased threefold to €2.5m last year.

The operating profits at Quinn Group Hotels Ltd followed a 7pc increase in revenues going from €46.2m to €49.4m.

The hotel group includes the Hilton Prague Hotel, which of comprises 791 different rooms and suites, as well as 38 meeting rooms, a congress hall and a grand ballroom. The group recorded pre-tax profits of €456,000 following a pre-tax loss of €1.36m in 2016. The group recorded the pre-tax profit after interest charges of €2m. The group made a post-tax loss of €3m after a corporation tax bill of €3.5m. The pre-tax profit takes account of non-cash depreciation costs of €13.6m.

Numbers employed reduced from 358 to 352 with staff costs increasing from €8m to €8.3m. Key management personnel decreased from €1.86m to €1.79m.

Separate accounts for another former Quinn hotel, the Slieve Russell, show that the company's pre-tax profits almost tripled going from €332,000 to €854,000.

This followed revenues increasing from €14.6m to €14.8m. The directors state: "The hotel performed very well over the course of 2017 with an exceptionally high number of corporate and hospitality events managed."

The numbers employed at the hotel decreased from 238 to 233, with staff costs increasing from €6.3m to €6.45m.

Key management personnel were paid €669,000.

Irish Independent

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