Killarney Hotels group books 27% revenue increase

Revenues at the group that operates two five-star hotels in Co Kerry last year soared by 27% to €17m.

However, hefty non-cash depreciation charges of €6.5m meant that Killarney Hotels Ltd posted a pre-tax loss of €4.9m.

The Swiss-owned company operates the award-winning five-star Europe Hotel and Resort and the five-star, 102-bedroom Dunloe Castle Hotel along with the four-star Hotel Ard na Sidhe.

Accounts just filed at the Companies Office show that the group recorded a pre-tax loss of €4.9m last year.

With a corporation tax credit of €4.6m, the net loss fell to €349,056.

The directors say they consider “the performance of the company to be unsatisfactory, although in line with expectation”.

The directors say the industry is going through a period of change.

The figures show the group generated €16.6m in revenues from the hotels, and €407,020 from a 200-acre farm.

The directors are listed as Michael Brennan, Gerry Browne and Adrian Stehr. Their pay last year jumped to €552,443, including €28,408 in pension contributions.

The payroll increased from 151 to 175, and staff costs increased from €6.4m to €7.34m.

The directors state that despite the net loss, “they have received assurances from the company’s parent, Library Hotels that it will provide the company with funds as and when required to enable it to continue trading for the foreseeable future”.