THE SLIEVE Russell hotel, founded by bankrupt businessman Seán Quinn, recorded positive earnings for the first 10 months of last year, new filings show.
The Irish Bank Resolution Corporation, formerly Anglo Irish Bank, assumed control of the Slieve Russell last April when a share receiver was appointed to the Quinn Group.
In accounts filed recently for 2010, the directors state that unaudited management accounts show positive earnings before interest, tax, depreciation and amortisation for the first 10 months of 2011.
“The group’s forecasts and projections indicate that this position should continue through the remainder of 2011 and through 2012, and that the group is expected to generate positive cash flows on its own account over these periods.”
The consolidated accounts for Slieve Russell Hotel Ltd show a loss after tax of €316,000 in 2010. This follows a €45.3 million loss in 2009, largely attributable to impairment charges of €43.3 million.
The figures show the group had an operating profit before exceptional items last year of €1.73 million, turning around a €55,000 operating loss in 2009.
Interest payments of €1.34 million resulted in a pretax loss of €30,000 and a tax bill of €286,000 brought that to a net loss of €316,000. The group owes €65 million to IBRC.
