Room for growth: Costs take shine off Kingsley results
Pre-tax profits at the Chinese-owned firm that operates the four-star Kingsley Hotel in Cork last year fell by 29pc to €465,259.
New accounts filed by Xiu Lan Riverside Hotel Ltd show that the firm recorded the drop in its pre-tax profits despite revenues increasing by 4pc, from €9.32m to €9.7m, in the 12 months to the end of September.
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The firm is part of the Xiu Lan group of Irish companies, which also operates the luxury Fota Island hotel and resort outside Cork city. The directors for the Kingsley firm state that the business performed in line with expectations. The drop in profits arose mainly from administrative expenses increasing from €7.1m to €7.7m.
The profit last year takes account of non-cash depreciation of €643,458 and net interest payments of €229,032.