Dublin Airport's four-star Radisson Blu hotel has recorded pre-tax profits of €737,393 for 2016 following a 6% rise in revenues from €13 million to €13.70 million at CG Hotels.
The Irish Independent reports that the company recorded operating profits of €1.95 million, as well as interest payable of €5.5 million which, combined with a €4.2 million rise in fixed assets, resulted in Radisson Blu Dublin Airport's pre-tax profit of €737,393.
According to the company directors, subsequent to year end, they have made a further equity injection which has ensured that one part of the business's third party debt has been fully repaid in advance of its due date. As a result, the group is no longer subject to financial covenant testing by its third party lenders.
The profit takes account of non-cash depreciation costs of €1.27 million. Additionally, employment numbers increased to 108, with staff costs rising to €3.95 million, while the company's cash pile increased from €3.1 million to €3.8 million.
