Pre-tax profits at the firm operating Fota Island Resort in Cork decreased by 61pc to €687,087, attributed to higher costs despite a revenue surge from €17.1m to €21.43m in the 12 months to the end of March last year.
Chinese businessman Yuzhu Kang, who invested €30m in Irish properties including the resort, recently resolved the ownership dispute over Fota Island Resort and other properties in out-of-court talks at the High Court.
Staff costs significantly increased from €5.05m to €9.83m, leading to the profit decline, as revealed in the recent accounts signed on December 7th, showing an operating profit of €912,085 and post-tax profit of €404,376 after factoring in corporation tax charges and non-cash depreciation costs.
