asked the Minister for Labour the present position with regard to the finances of the former Great Southern Hotels; if the hotels made a profit in the last financial year; the profit of each individual hotel; the funding by CERT; and the finances generated by the hotels themselves.
Written Answers. - Finances of the Great Southern Hotels.
194.
Ostlanna Iompair Eireann's (OIE) report and financial statements for the year ended 31 December 1985 were laid before both Houses of the Oireachtas on the 22 May 1986. The company showed a profit of £13,225 in 1985 as against a loss of £264,063 in 1984. In 1986, I expect the company to increase its level of profit over 1985 despite the difficult year for tourism.
The company's accounts are compiled on a consolidated basis and, therefore, do not refer to individual hotels. In addition, there are sound commercial reasons which I am sure the Deputy will appreciate for not releasing financial information on individual hotels.
The company did not receive funding from CERT. As part, however, of the agreed Exchequer financial package provided, when the shares of the company were transferred to CERT, the Government made a grant of £2,773 million to the company in 1985. As shown in the annual accounts, turnover by the hotels in 1985 was £7,772 million; gross profit was £5,620 million; trading profit was £204,704; profits after extraordinary item was £71,432. The net funds generated from hotel operations in 1985 were £209,049. These will be used to fund day-to-day operations and further capital development of the hotels.