It’s champagne, not tap water that will be flowing for the owners of Krystal night club and Dicey’s pub — as new accounts show the business recorded profits of €1.4m last year.
The profits for the Russell Court Hotel — which houses Krystal nightclub and Dicey’s pub — represent an 83% increase on the €806,809 profits recorded in 2012.
Last month, Dicey’s pub — which is located on Dublin’s Harcourt Street — was in the spotlight after it emerged that it was charging customers 20c for iced tap water, and the charge for iced water remained in place yesterday.
The pricing model has raised eyebrows, however, as the new figures show that the business scarcely needs the extra revenues after recording another bumper year in 2013.
The accounts, just filed by Triglen Holdings Ltd to the Companies Office, show that the firm’s gross profit last year increased by 4.5% from €8.45m to €8.83m.
However, higher administrative expenses of €7.68m resulted in the marginally lower operating profits of €1.14m, compared to €1.15m in 2012.
Interest payments of €184,932 resulted in pre-tax profits of €967,113 — a 4% drop on the pre-tax profits generated in 2012.
The firm’s post-tax profits last year included a €695,243 increase in the value of the firm’s property following a revaluation carried out in April of this year. The firm’s property now has a book value of €22.6m.
The company’s corporate tax bill was €184,932.
The profit last year takes account of non-cash depreciation costs of €591,249.
The figures show that directors, Ramanathan Arulchelvan and Eileen Wright last year paid themselves €843,000 and this followed directors’ pay totalling €904,464 in 2012.
According to the directors’ report, they “are pleased to report an increase in net earnings after interest and depreciation compared to 2012”.
The report states: “The directors expect sales and profits to increase in 2014 continuing an upward trend over the last few years.
The report adds: “The improvement reflects continued investment in all areas of the business offering a quality entertainment product, having established two of the city’s best-known nightclubs, Krystal and Dicey’s Garden, together with a busy lunch time trade in Dicey’s.
At the end of December last, the firm had accumulated profits of €8.8m. Shareholder funds stood at €14.5m that included cash of €507,347.
The amount owed in loans by the firm stood at €7.3m.
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