Expansion costs contributed to pre-tax losses increasing almost threefold to €2.3 million.at the Red Cow Hotel compolex in Dublin in 2018.
New accounts lodged by Cobglen Dac show the business recorded the higher losses in spite of revenues increasing by 7.3 per cent from €17.5 million to €18.8 million.
The pretax loss takes into account combined non-cash amortisation and depreciation costs of €4.1 million and interest payments increasing by 69 per cent to €1.33 million. The additional interest payments reflected additional borrowings linked to investment, while the loss also took account of a once-off non-trading expense of €1.025 million.
The company is planning the addition of another 114 rooms this year, along with enhanced conferencing and banqueting facilities.