Rhatigan's Radisson Blu profits up by one third
OPERATING profits at the firm that operates the four-star Radisson Blu Hotel in Dublin increased by a third last year.
The Galway-based builder firm JJ Rhatigan & Co owns the 150-bedroom Radisson Blu on Golden Lane near South Great George's St in Dublin city centre. New figures show that that the Rhatigan-owned Luxor Leisure Ltd enjoyed operating profits last year increasing to €535,740 in the 12 months to the end of August 31st last.
The firms also increased its gross profit by 7.5pc to €8.6m.
The company entered a 20-year agreement with Rezidor Group in 2005 to manage the hotel under the Radisson Blu brand. The figures show that the firm incurred a steep drop in pre-tax profits to €115,816 from €402,312.
The sole factor behind the drop was the firm paying €419,924 in bank interest charges with zero payments recorded under that heading in 2012.
The directors of the firm are Padraic and Sandra Rhatigan and according to the directors' report they "are satisfied with the company's performance during the year".
Workers employed at the hotel decreased to 132 from 137, with staff costs last year increasing to €2.86m. An accounts note states that, in the context of the economy in general, the directors acknowledge the challenges facing the company in relation to trading and financing.
"However, the plans implemented to improve efficiencies and make savings where possible whilst maintaining service levels to guests have been successful," the note states.
"The directors have prepared trading projections and are of the opinion that the company's trading performance will continue to improve and the company will have adequate resources to meet its working capital requirements for the foreseeable future."
The note states: "The directors are of the view that the company will continue to receive the support of its group undertakings in relation to the future financing of the company."