Galway Bay fm newsroom – Pre-tax profits at the Skeffington Arms Hotel in the city centre have declined by 35%.
The hotel based at Eyre Square recorded a fall in pre-tax profits last year of 35% to €519,435.
The Irish Examiner reports that the firm’s accumulated profits totalled €5.9m last September.
Shareholder funds totalled €9m.
New accounts filed by the Skeffington Arms Ltd show that the business recorded the drop in pre-tax profits as the firm’s gross profit decreased by 8% from €4.54m to €4.38m.
According to the directors’ report, the results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth in the foreseeable future.
They state that the company is well positioned within the hotel and leisure industry and hope to grow their market share in the future.