Profits dip at Mespil as maintenance costs rise

Company paid down 11% of €10.4m debt

 

Pre-tax profits at the four star Mespil Hotel in Dublin last year slipped marginally to €813,858.

Accounts filed by Mespil Hotel Ltd blamed higher maintenance and room improvement costs for the drop in profits in a year when turnover jumped 10.5 per cent to €5.6 million.

In the report the directors say they “are satisfied with the outcome for the year and the outlook for the Dublin hotel market is positive”.

Retained profits in the year to September 30th, 2012, were put towards servicing the company’s debt which continues to be repaid in accordance with the originally agreed facilities, the company said.

Aggregate remuneraiton for the directors – listed as Lee Kidney, Denis Kidney, John Kidney and Martin Holohan – jumped from €183,710 to €329,525.

Bank lending was reduced from €10.4 million to €9.25 million.

Separate accounts lodged by the group’s four-star Sligo Park Hotel show the firm recorded an operating profit of €268,062 after reporting an operating loss of €88,679 in 2011 after turnover edged up to €3.89 million from €3.85 million in 2011.

The firm’s pre-tax profit for the year was €261,095. “Reduced administrative expenses, largely pay related, resulted in an operating profit of €268,000, compared to a loss of €89,000 in the prior year.