Profits fall at ‘First Dates’ hotel despite sales rise

Pre-tax profits at the hotel that hosts the Irish version of popular TV show First Dates fell by 60% to €807,000 last year.

The profits drop for the Gibson Hotel in Dublin came despite it posting a 7% increase in revenues, to €15.39m.

The lease for the Gibson was acquired in recent months by the stock market-listed Dalata Hotel Group.

Dalata is Ireland’s largest hotel operator and has 38 three and four-star hotels with over 7,700 rooms.

The hotel is located a short distance from the 3Arena in Dublin’s docklands.

The directors’ report for the Gibson hotel firm, Galsay Ltd discloses that profits were hit by acquisition costs of €400,000 in 2016.

The company’s €2m pre-tax profit in 2015 was inflated by €1m arising from a connected firm forgiving a loan to Galsay.

The hotel’s profile has been boosted by Coco Television shooting three series of the First Dates show for RTÉ in the hotel’s Coda Eatery.

Staff numbers fell from 149 to 137, and staff costs dropped from €4.3m to €3.9m.

The profit in 2016 takes account of operating lease rentals of €4.5m and non-cash depreciation costs of €52,000.

The company’s cost of sales last year fell slightly from €5.84m to €5.83m.

Administrative expenses increased from €7.6m to €8.7m.

After paying €117,000 in corporation tax, the Galsay Ltd company recorded a post-tax profit of €690,000.