Profits rise to €1m at Regency Hotel
Operating profits at the firm that operates the Regency Hotel in Dublin more than doubled to €1m last year.
However, new accounts show that the hotel firm, Regan Developments, recorded a pre-tax loss of €20.7m after booking an €21m exceptional cost.
According to the directors' report, "sales in the hotel remained stable with the prior year… the results in the hotel trade mirror market trends within the Dublin area and based on management accounts positive results are expected to continue".
The hotel is located in the Whitehall area and lies in close proximity to Dublin airport.
The firm also operates a supermarket and the directors' report states that "the trading results of the supermarket are predicted to be challenging for the foreseeable future". The directors of the company are listed as James McGettigan, Patricia McGettigan, Brian McGettigan, Maureen O'Connor, James McGettigan Jnr and Neil McGettigan.
The firm also recorded a €601,173 loss on the disposal of a business segment.
The firm's gross profit in 2014 increased by 7pc from €3.67m to €3.92m. Distribution costs of €1.6m and administrative expenses of €1.1 reduced the firm's profit to €1m.
The company had accumulated profits of €9.4m at the end of December.
The firm's cash pile increased from €566,025 to €3.3m.