Losses down at the Shelbourne
PRE-TAX losses at the five-star Shelbourne Hotel in Dublin narrowed to €900,000 in 2010.
At the end of 2010, Shelbourne Hotel Holdings Ltd owed €286.3m to creditors, including bank loans of €137m. The company's net liabilities stood at €191.6m.
The pre-tax loss of €906,570 in 2010 compares to a pre-tax loss of €4.56m in 2009. The improved performance comes despite a €500,000 fall in revenues to €22.3m last year.
Accounts just filed with the Companies Office show that the company increased its operating profit by 69pc from €1.86m to €3.1m.
Bank interest payments totalled €4m in 2010 compared to €6.4m in 2009. A note on the accounts states: "The hotel's operators have reported improved operating profits in 2011 despite a fall in turnover for that period. The hotel's trading performance continues to be profitable and key performance indicators have continued to improve throughout 2011."