Operating losses at Mount Juliet halve to €1.65m

Operating losses at the five-star hotel and golf resort, Mount Juliet more than halved in 2013 to €1.65m as revenues increased.

Operating losses at Mount Juliet halve to €1.65m

Last year, Irish entrepreneur Emmet O’Neill and Brehon Capital Partners sealed a deal to buy the resort for an estimated €15m.

The course was sold by the Killeen Group, the Mahony family’s holding company whose main interest is motor firm, Toyota Ireland. The accounts are the first set of accounts to be lodged with the Companies Office by Mount Juliet as it has had unlimited status since 1990.

The new accounts show it recorded the operating losses of €1.65m in 2013 following operating losses of €3.3m in 2012.

The firm sharply reduced its operating losses after revenues increased by 11.5% from €7.18m to €8m.

The firm recorded a pre-tax profit of €869,178 after an exceptional net gain of €2.52m relating to debt forgiven by group companies and an asset write-down.

The accounts show that the company benefited from group debts of €9.7m being forgiven while the firm wrote down the value of its tangible assets by €7.2m.

A note attached to the accounts states that further trading losses are forecast to be incurred in 2014 and that the prospective buyer of the resort has indicated a “willingness to invest in the business in order to ensure continued development and growth of the company for the foreseeable future”.

The operating loss in 2013 takes account of non-cash depreciation costs of €946,615.

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