Moran’s Hotel Group Posts €60m in Losses
There was kind of one the largest hotel groups in the country, Moran Hotels, loss of € 60 million last year primarily due to interest expense of € 35 million. The company had € 678 million in bank loans on the balance sheet of January 31, 2010.
This is similar to the total loss of € 101 million the previous year, which a € 32.7 million write-down property for that year recorded. While the company posted an operating profit of € 24.8 million for the year, several million euro depreciation and interest charges pushed the company reported € 46.7 million in the red. These costs include a € 10.8 million amortization of tangible assets, a € 26 million and amortization costs the company € 34.7 million in interest on bank loans and overdrafts bill.
The Moran Hotel Group, led by Limerick born Tom Moran, Bewley’s bought the chain from Bert Allen in 2008 for an estimated € 570 million. The accounts show that turnover at the chain fell by 13.5 percent in the year to € 80.8 million, compared to € 92.6 million in 2009. Operating income was € 24.8 million for the year, compared with € 31.1 million the year before.