New accounts for Slieve Russell Hotel Property Ltd have revealed that pre-tax profits at Co. Cavan's Slieve Russell Hotel rose more than threefold to €2.9 million last year as a result of the reversal of a €2.37 million prior year non-cash impairment.
Meanwhile, revenues at Slieve Russell Hotel Property Ltd decreased from €14.8 million to €14.66 million; the company's gross profit decreased from €4.19 million to €3.94 million; its operating profit amounted to €3.5 million, with interest charges of €660,000 reducing its pre-tax profits to €2.9 million; and the number of people employed by the company decreased from 233 to 222, with staff costs dropping from €6.43 million to €6.45 million, as reported by The Irish Independent.
Directors' Comment
The company's directors said that "the hotel traded very well in 2018, with the corporate and meeting business outperforming budgets and contributing strongly to 2018 profits".
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