Profitssurgeat Kerryhotelfirm
PRE Tax profits at Kerry based hotel firm Tripoint Investments – which owns the Killarney Royal Hotel and the luxury Hayfield Manor Hotel in Cork – have soared upwards according to the latest accounts filed by the company.
Pre tax profits at the company – which is owned by the Scally family – reached €5.43 million last year and increase of 51 per cent on the €3.59 million in pre tax profits recorded the previous year.
Tripoint Investments – which has its registered address at the Killarney Royal on College Street in Killarney – have reported an increase of 1.7 per cent in its revenues which have reached €23 million last year.
The company’s directors Joseph and Margaret Scally said that they were satisfied with the performance of the group and that they expect the hotels will continue to be profitable into the future.
Addressing the company’s future plans the directors indicated that the firm does not have significant expansion plans at present.
They stated that currently the group is planning to maintain its present activities and current trading levels.
According to the results Tripoint Investments operating profits last year rose by €1.8 million to stand at €5.8 million.
Post tax profits were €4.6 million following the payment just under €826, 500 in Corporation Tax. During the 12 month period staff costs at the group were also lowered by approximately €400,000.
At the end of December 2016 the hotel group had shareholder funds of €22 million which included accumulated profits of €10 million.
Directors Joseph and Margaret Scally were owed €3.8 million by the group
The profit takes also takes account of non-cash depreciation costs of €940,316.
The directors listed the uncertainties facing the company as competition risk, falling security numbers and cybersecurity threats.