Pre-tax profits at the Mespil Hotel in Dublin 4 last year increased by 52 per cent to €827,178. New accounts show that the hotel firm also paid a dividend of €5 million to its parent firm, the Sligo Park Hotel Ltd.
The two hotels are part of Lee Hotels and according to the abridged figures for Mespil Hotel Ltd, they show that gross profit at the firm that operates the 255 bedroom hotel increased by 9 per cent from €4.7 million to €5.1 million.
According to the directors’ report “the outcome for the year reflected a recovery in trading conditions during the year, although the operating environment remains extremely challenging.
“The directors are satisfied with the performance of the company and expect trading to continue to improve in the coming year.”
The figures show that even after the dividend payout, the firm had accumulated profits of €15.3 million at the end of September last.
The directors are listed as Lee Kidney, Denis Kidney, John Kidney and Martin Holohan, and aggregate remuneration for directors dipped from €189,375 to €183,710. No one was available from the hotel to comment yesterday.
Separate accounts lodged by the group’s four star Sligo Park Hotel show that the firm’s pre-tax profits increased by more than 17 fold from €85,889 to €1.5 million in the 12 months to the end of September last. This is largely due to €6.3m in investment income from subsidiary firms. The figures show profits were hit by a €4.7m impairment on fixed assets last year.
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