Higher costs hit operating profits at Parknasilla as resort eyes 10% increase in revenues in 2025

Parknasilla Hotel

Higher costs at the four star Parknasilla resort in Co Kerry last year contributed to operating profits reducing by 32% to €1.63m.

In 2025, the resort is projecting a 10% increase in revenues and new accounts show that the profits declined despite revenues at Silork Ltd increasing by 2% from €11.52m to €11.73m.

The directors state that operating profits decreased last year “due to increase of operating costs and some once off-costs”.

The firm recorded a pre-tax loss of €1.28m due to interest charges and similar expenses almost tripling to €2.92m that included a €1m cost in exchange differences on finance transactions.

The resort is owned by billionaire Jacqui Safra and in a post balance event, the directors state that the firm’s US dollar loan was refinanced fully in April 2025.

They state that “a euro denominated loan replaced the US dollar loan, thereby taking away the risk of foreign exchange movements that have impacted the profitability of the company in the financial periods prior to the refinance”.

Commenting on the 2024 performance today, MD of Parknasilla, Tony Daly said: “2024 was a good year however a slight increase in turnover was overtaken by increased costs across the board.

He said: “The Irish market was strong accounting for 80% of our business. UK and European markets underperformed in 2024. Direct costs particularly in Food & Beverage increased in 2024, a trend which continued in 2025. Payroll costs were also a factor as hospitality is labour intensive.” On the current year, Mr Daly said that 2025 “was a very strong year. Again the Irish market was excellent and we saw a pick up in the UK market with European business remaining flat.

He said: “US business grew and continues to perform especially outside of peak season. Increased air access is a positive contributing factor.” He said that revenue growth in 2025 “will be in the region of 10%.

He said: “Increased operating costs in several areas, direct purchases, energy and labour are notable. The good weather during the months of July and August was welcome. It seemed as if Irish people wanted to avoid the extreme temperatures across Europe and opted to stay in Ireland."

On next year, Mr Daly said: “We are optimistic that 2026 will be another good year for Irish tourism and hospitality.

The pre-tax loss of €1.28m followed a pre-tax profit of €1.3m in 2023.