New accounts show CG Hotels Ltd recorded the sharp increase in operating profits despite revenues having dipped from €13.1m to €13m.
According to the directors’ report, the group forecasts strong trading this year.
The 228-room airport hotel is the last remaining hotel of the three airport hotels at Dublin, Cork, and Shannon that were purchased from the DAA for around €75m.
The Shannon and Cork airport hotels were sold for a knockdown €5.42m in 2014, and the group retained its best performing hotel in Dublin. The group made a net profit of €2.46m on the sales.
The proceeds of the sale of the hotels went towards paying down bank debt.
The firm’s operating profits last year increased after the group’s cost of sales decreased from €9.88m to €9.59m. It, however, posted a pre-tax loss of €8m after paying interest charges of €15m.
The uplift in property prices and the general recovery in the hotel industry resulted in the book value of the Radisson hotel property increasing by €4.5m. The 2015 gain followed a gain on revaluation of €4.6m in 2014. At the end of last year, the hotel had a book value of €31.69m.
Staff numbers fell from 130 to 105, with staff costs declining from €4.268m to €3.74m. Senior managers were paid €187,527. The directors of CG Hotels include Ben Walsh, Scottish accountant Alan McIntosh, and Patrick Coyle.