Fota Island Resort owners back in black as profits rise

Xiu Lan Hotels Limited reports a €9.5m gross profit for year ending September 2016

 

The company that operates the five-star Fota Island Resort in Cork Harbour returned to profit last year, newly filed abridged accounts show.

Kang Family Worldwide Group, which bought the luxury resort from Nama for about €20 million in September 2013, operates Fota Island through a subsidiary known as Xiu Lan Hotels Limited.

Accounts recently lodged for the subsidiary show it recorded a €516,666 pretax profit for the 12 months ending September 2016, reversing a €91,033 loss a year earlier.

Xiu Lan Hotels Limited reported a €9.5 million gross profit for the period, as against a €8.6 million profit in the prior year. Operating profits jumped to €862,386 from €232,845.

Fota Island Resort was developed by Irish developer John Fleming in 2006. The Fleming Group added two more golf courses and also built a 131 bedroom hotel on the site. Nama took over the company’s loans in 2010.

The latest accounts show net assets rose by just over €1 million to €14.2 million last year.

Employee numbers rose by 44 to 246 last year with related costs, including wages and salaries, rising to €4.96 million from €4.5 million.