Imperial Hotel profits fall 40%

CORK’S oldest hotel, The Imperial, saw profits plunge by more than 40%, according to its most recent set of accounts.

Profit before tax for the city centre hotel fell to e419,177 in 2007 compared with e727,386 in the previous year.

No turnover is given for the hotel, but gross profit was up slightly from e3.23m to e3.3m in 2007.

The directors note in the accounts just filed with the Companies Office that in the future it expects the company to show increased turnover and profits from its activities. Profit retained for the year was e277,957 compared with e637,779 in the previous year.

There were 141 people employed at the hotel at the end of 2007, 128 at the hotel and 13 for administration purposes.

Employee numbers were up nine from the pervious year and as a result staff costs increased to e3.1m from e2.8m in the pervious year.

The Imperial Hotel, which dates back to 1813, has undergone a major refurbishment in recent years costing e10m.

No dividend was paid to the company’s shareholders — Allen and John Flynn.