Fota Island Resort owners back in black as profits rise

Xiu Lan Hotels Limited reports a €9.5m gross profit for year ending September 2016

Fota Island Resort was developed by Irish developer John Fleming in 2006
Fota Island Resort was developed by Irish developer John Fleming in 2006

The company that operates the five-star Fota Island Resort in Cork Harbour returned to profit last year, newly filed abridged accounts show.

Kang Family Worldwide Group, which bought the luxury resort from Nama for about €20 million in September 2013, operates Fota Island through a subsidiary known as Xiu Lan Hotels Limited.

Accounts recently lodged for the subsidiary show it recorded a €516,666 pretax profit for the 12 months ending September 2016, reversing a €91,033 loss a year earlier.

Spa at Fota Island Resort. Photograph: Fota Island Resort
Spa at Fota Island Resort. Photograph: Fota Island Resort

Xiu Lan Hotels Limited reported a €9.5 million gross profit for the period, as against a €8.6 million profit in the prior year. Operating profits jumped to €862,386 from €232,845.

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Fota Island Resort was developed by Irish developer John Fleming in 2006. The Fleming Group added two more golf courses and also built a 131 bedroom hotel on the site. Nama took over the company's loans in 2010.

The latest accounts show net assets rose by just over €1 million to €14.2 million last year.

Employee numbers rose by 44 to 246 last year with related costs, including wages and salaries, rising to €4.96 million from €4.5 million.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist