Profits at hotel group plunge 96%
Profits at the firm behind the four-star Talbot hotel group and the long established Wexford-based Pettitt’s supermarkets last year plummeted 96 per cent to €89,070.
Revenue at Torski Ltd dipped marginally from €108.2 million to €107.4 million in the 12 months to the end of December last.
The filings lodged to the Companies Office show the group recorded pretax profits of €2.1 million in 2010. The number employed by the group last year increased from 816 to 829.
Torski operates four-star hotels in Wexford, Carlow and Stillorgan.
The figures show that the group generated revenue of €89 million in its supermarket business last year with its hotel trade accounting for €16.8 million of revenue. The group also generated €1.1 million through farming.
Profit last year takes account of combined non-cash depreciation and amortisation costs of €3.58 million.
Torski Ltd’s three directors, Desmond, Bernadette and Cormac Pettitt, shared remuneration of €1.973 million last year. This was marginally up on the €1.843 million paid out in 2010.
The group’s balance sheet remains strong, with accumulated profits of €50.1 million. Shareholder funds totalled €55 million, while the group’s cash during 2011 declined from €9.3 million to €4.8 million.
The number employed by the group last year rose from 816 to 829 with staff costs falling marginally from €19.43 million to €19.14 million.