Profits at one of the Republic's largest holiday resorts, the Mosney Holiday Centre, have taken a sharp fall, according to its latest accounts.

Pre-tax profits were down to £92,222 in 1998 from £142,052 in the year before at the centre which is renowned for its "cheap and cheerful" image. Turnover was up to £4.2 million from £4.1 million, but the resort's costs were up from £3.1 million to £3.4 million for the year ended October 31st.

After-tax profits were down from £136,209 to £57,636, with only £28,916 of profits retained by the company for the financial year, compared to £102,489 in the year before. Operating profits were down to £318,306 from £385,484.

The company's cash at bank and in hand has fallen from £448,585 to £191,708, while its net current liabilities have risen from £230,469 to £444,074. Mosney Irish Holidays plc filed its accounts with the London Stock Exchange.

The chairman and one of the two directors, Mr Phelim McCloskey, in his annual review said despite the results Mosney's day visitor figures grew by more than 10 per cent during the financial year, which he said was encouraging considering the "constant development of rival attractions".

"Our accommodation refurbishment plan continued with the re-decoration of our self-catering holiday suites. This ongoing development has had a direct and positive impact on self-catering bookings," he said.

"Our touring caravan and camping business continues to grow and Mosney is fast becoming a national name within this tourism sector and we are confident of sustaining this growth over the coming seasons," he added. He said by using local radio the brand image of Mosney had "considerably strengthened".