Losses increase for Four Seasons

Pre-tax losses increased almost threefold last year to €2.8 million at the firm that operates the exclusive five- star Four Seasons Hotel in Dublin.

Accounts lodged by the company that operates the 197-bedroom hotel show that the firm recorded pre-tax losses of €2.8 million in the 12 months to the end of October 31st last year in spite of a sharp increase in revenues.

This followed the UK- owned Sre Dublin Properties (Ballsbridge) Ltd recording pre-tax losses of €860,918 between March 14 and October 31st 2011. Revenues at the firm in its first full year of operation increased more than threefold, from €5.28 million to €19.28 million.

The firm also reported an unrealised loss of €1.14 million on a writedown in investment properties last year.

The loss last year takes account of non-cash depreciation costs of €501,812 and an operating lease cost of €731,705. The firm’s tangible assets have a book value of €13.1 million. The firm had a shareholders’ deficit last year of €4.8 million.

The figures show the numbers employed by the hotel last year fell from 370 to 358, with staff costs increasing more than threefold, from €2.9 million to €10.3 million.

The firm owed €17.6 million to group companies at the end of October 2012.