Fota Island Resort owner posts €1.2m loss despite turnover rise

Between October 2013 and December 2024, Xiu Lan Holdings said it had invested €25m in Fota Island Resort and The Kingsley in Cork

Mon, 28 Apr, 2025 - 12:32

Ronan Smyth

Xiu Lan Holdings, the company that owns both Fota Island Resort and The Kingsley in Cork, posted a loss of €1.2m during its 2024 financial year despite seeing an increase in turnover, the company’s latest financial statement shows.

According to the document, the company generated a turnover of €36.44m in the 12 months ending on March 31, 2024 - up from €34.45m in its 2023 financial year.

Just over €16.4m was generated from rooms and accommodation, while €12.2m was generated from food and beverages, just under €4m from spa and leisure, and €2.86m from golf activities.

Xiu Lan Holdings recorded a cost of sales of €4.5m during 2024. After deducting administrative expenses of €27.67m, which includes wages and salary costs of €15.2m with social welfare costs at €1.54m, the company recorded a group operating profit of just under €4.3m before depreciation and impairments.

However, after depreciation, impairments, and interest payments the company recorded a loss for the financial year of €1.2m after tax.

During its 2023 financial year, it recorded an operating profit of just over €3m but a final loss of €1.3m after depreciation, impairments, interest payments, and tax was taken into account.

The company employed 619 people between the two hotels during 2024.

According to the financial statement, Fota Island Resort and The Kingsley “continue in the process of upgrading various facilities across both hotel properties also including golf courses and the academy and the high-performance sports centre”.

Despite the overall loss for the financial year, the company said 2024 had been a “very good year” with turnover and operating profit increasing.

“Membership at the Fota Island Golf Club and the Kingsley Health Club is currently at its highest, central to the success of the companies. There are strong domestic and international bookings in place for the coming year in both properties,” the company said.

Between October 2013 and December 2024, Xiu Lan Holdings said it had invested €25m in the two properties.

“Future developments will include additional renovation of bedrooms in both properties later this year, and a partnership with a French winery to enhance the sustainable sourcing of wine for the beverage programme across both properties,” the company said.

The ownership of the Fota Island Resort and the Kingsley Hotel has been the subject of a long-running legal battle by Chinese businessman Yuzhu Kang and was only resolved in February 2024.

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