Profits double at Parknasilla Resort
Operating profits at one of the best known four-star hotels in the country, Parknasilla in Co Kerry almost doubled to €821,371 in 2015.
Accounts recently filed by Silork Ltd show that the business recorded the major jump in operating profits after the firm's gross profit went up by 21pc from €5.3m to €6.49m.
However, large foreign exchange losses of €1.2m along with interest payments totalling €833,777 resulted in the business recording a pre-tax loss of €1.2m.
"2015 was another excellent year with growth in the region of 12-14pc on the previous year," said managing director Tony Daly yesterday.
Mr Daly revealed that 2016 produced an excellent earnings before interest, tax, depreciation and amortisation (ebitda) of €1m.
He said: "This has been re-invested into the resort."
The firm's cash pile during the year increased from €627,564 to €1.15m.
The resort is made up of the Parknasilla hotel along with villas and lodges and Mr Daly said that the resort produced combined revenues of over €7m in 2016 which was an increase of 16pc on 2015.
The resort employs 120 people in peak season.
The directors' report attached to the accounts states that turnover and operating profit has increased significantly since the resort was purchased.
On this year, Mr Daly said: "Expectations are more modest for 2017."