Galway businessman John Sweeney saw pretax profits fall by more than a third to €3 million at his oil, property and hotel business last year, despite turnover rising 14 per cent to €168.5 million, writes Simon Carswell,Finance Correspondent.
Blackshore Holdings had operating profits of €7.2 million in the year to February 28th, 2007, down from €8.5 million, according to accounts just filed. This represented a margin of just over 4 per cent for 2007, compared to 5.7 per cent a year earlier.
The firm had retained profits of €2.2 million, down from €3.2 million.
The firm's reserves were revalued during the year, bringing shareholders' funds from €38.4 million to €60.9 million.
Mr Sweeney, a shareholder in the Shelbourne Hotel on St Stephen's Green in Dublin, owns Sweeney Oil, a fuel business operating in the west of Ireland. He tabled a bid for both the Shell and Statoil network of petrol stations in recent years, but eventually lost out to Topaz Energy.
He acquired Topaz's 50 per cent shareholding in Fate Park, a Galway oil distribution firm, last year for about €12 million giving him full control of the business.
Originally from Connemara, Mr Sweeney owns the Station House Hotel in Clifden, the Marriott Johnstown House Hotel in Enfield, Co Meath and the Marriott Courtyard Hotel at Terryland in Galway.
Sales of fuel and lubricants rose from €97 million to €134.9 million during the year, while building sales fell from €37.4 million to €16.7 million.
Turnover at the company's hotel operations, believed to be listed as "sales other" in the accounts, rose from €13 million to €16.8 million.
The average number of staff employed by the company rose to 440 from 416 during the year, while the salaries and wages bill increased from €7.9 million to €10 million.
The company's investment properties rose in value from €89.7 million to €110.9 million during the year, while its land and buildings freehold rose from €75.5 million to €104.8 million.
The company's cash reserves increased from €12 million to €16.3 million, while work in progress jumped from €6.3 million to €31.8 million.
