Pre-tax profits increase by 25pc to €2.2m at the Conrad
PRE-TAX profits at the company that operates the five star Conrad Dubin Hotel increased by 25pc to €2.23m last year.
New accounts show that Earlsfort Centre Hotel Proprietors Ltd recorded revenues increasing by 12.5pc to €17.64m.
The figures reflect the current boom in the five-star Dublin hotel market.
The directors said they consider the results for the year to be satisfactory.
Staff costs increased, going from €5.3m to €5.8m, as the numbers employed went up from 179 to 185.
The hotel is subject to a longterm management agreement with Hilton Hotels (Ireland) under the Conrad brand.
The directors said the company completed its Capital Expenditure programme in 2017 to reposition the hotel.
The hotel firm increased its profits in spite of non-cash depreciation costs rising from €1.49m to €2m.
The company last year paid €1.5m in management fees to Conrad International Corporation and this is a sharp increase on the €1.18m under the same heading in 2016.
The accounts disclose that at the end of December last, Hilton Hotels Corporation is no longer a shareholder of the company. Operating profits at the company last year increased by 16pc, from €2.423m to €2.8m.
The firm’s interest payments last year reduced from €637,784 to €586,736.
Shareholder funds at the Conrad hotel firm last year totalled €9.6m. This included called up share capital of €4.68m, a revaluation reserve of €4.8m and accumulated profits of €130,282. The firm’s cash pile last year increased from €731,627 to €4.6m.
The continued investment in the hotel, situated on St Stephe’s Green, in 2017 saw its book value increase from €25.7m to €27.7m.
The company recorded posttax profits of €1.85m after paying tax of €372,608.
Last year, the firm paid €4m to acquire fixed assets and this followed a spend of €6m in 2016.
Figures reflect current boom in the Dublin hotel market