Co. Donegal's five-star Lough Eske Castle hotel saw its earnings before interest, tax depreciation and amortisation (EBITDA) increase to €850,000 last year as revenues rose from €8.6 million to €8.9 million.
The Irish Independent reports that the hotel's employment numbers declined from 177 to 173 in 2017, with staff costs increasing from €4.1 million to €4.3 million while a rise in administrative expenses from €2 million to €4.1 million resulted in pre-tax profits decreasing 97% from €1.76 million to €40,547.
"A Positive Year Of Trading"
Commenting on the figures, Nick Doherty, finance director of Lough Eske parent company Harcourt Developments, said, "2017 was a positive year of trading for Lough Eske with revenues increasing by 4% and occupancy growing by 8%.
"We also moved to an operating model of full-time opening during the winter season, which has been well received by the market."
Like-For-Like Basis
Addressing the decline in pre-tax profits, Doherty added, "The hotel's profits in 2016 were boosted by exceptional items including the reversal of an historic refurbishment provision and the adjustment of other accruals.
"On a like-for-like basis, operating profits have actually increased in 2017 due to overall improved trading conditions."
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
