A major refurbishment programme contributed to pre-tax profits declining marginally at the four-star Fitzpatrick Castle hotel in Killiney, south Dublin last year.
The 18th century property in Dublin is controlled by Eithne Scott-Lennon, a sister of John Fitzpatrick, who operates two successful Fitzpatrick hotels in New York.
Accounts just filed for the company that operates the 113-bedroom Killiney hotel show that pre-tax profits declined by €3,244 to €366,271 in spite of revenues increasing by 5 per cent to €7.77 million in the 12 months to October last.
The directors for Emdora Ltd state that they were "very satisfied with the performance of the business during the year".
Refurbishment
According to the directors’ report, “the hotel has undertaken a major capital expenditure and refurbishment programme over the last two years. This has had an impact on the profit before tax. However, the benefit of this work will be felt in the coming years.”
The directors said the average room rate grew during the year and it is expected that there will be further growth in 2019 in both rates and occupancy, aided by the refurbishment and upgrade in rooms.
The operating profit declined by 14 per cent to €607,634. Interest payments of €241,363 reduced the business’s profits to a pre-tax profit of €366,271. The business paid corporation tax of €112,336 for the year.
Staff costs, including directors’ remuneration, increased from €3.2 million to €3.35 million. Remuneration to directors rose from €279,084 to €302,682.
On October 4th, 2018, shareholder funds stood at €6.2 million and the company’s cash pile increased from €680,331 to €741,320.
