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Jurys Doyle to add hotels, despite profts fall

Horeca

Hotel group Jurys Doyle will have 18 hotels within the UK and Ireland by 2005 as it continues its opening programme, despite seeing profits suffer in the past six months from the impact of the Iraqi war and the Sars outbreak on UK and US markets.

In the six months to 30 June pre-tax profits rose by 0.3% to €25.2m (£17.7m), the company said today. This compares with €25.16m (£17.66m) at the same point last year.

But the figure was boosted by the sale during the period of two of its three-star Dublin hotels, the Jurys Green Isle and the Tara, for a combined profit of €3.6m (£2.5m).

Taking this out of the equation, and the impact of depreciation, pre-tax profits fell by 9% to €29.7m (£20.8m), from €31.2m (£21.9m) last time around.

Turnover fell by 6.5%, to €123.4m (£86.6m), against €132.2m (£92.8m).

The group warned in May that profits would be below those of last year. Chairman Richard Hooper said the results had been achieved against continuing weakness in the global economy, compounded by ‘geo-political uncertainty and the impact of the Sars health alert on long-haul airline traffic into the important London market.’

The strengthening of the euro against the dollar had also had an impact, he added.

The four- and five- star hotels in Ireland saw a small increase in occupancy, and unchanged room rates on the same point last year.

In the six months to 30 June pre-tax profits rose by 0.3% to €25.2m (£17.7m), the company said today. This compares with €25.16m (£17.66m) at the same point last year.

But the figure was boosted by the sale during the period of two of its three-star Dublin hotels, the Jurys Green Isle and the Tara, for a combined profit of €3.6m (£2.5m).

Taking this out of the equation, and the impact of depreciation, pre-tax profits fell by 9% to €29.7m (£20.8m), from €31.2m (£21.9m) last time around.

Turnover fell by 6.5%, to €123.4m (£86.6m), against €132.2m (£92.8m).

The group warned in May that profits would be below those of last year. Chairman Richard Hooper said the results had been achieved against continuing weakness in the global economy, compounded by ‘geo-political uncertainty and the impact of the Sars health alert on long-haul airline traffic into the important London market.’

The strengthening of the euro against the dollar had also had an impact, he added.

The four- and five- star hotels in Ireland saw a small increase in occupancy, and unchanged room rates on the same point last year.

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