The company that operates the €40 million Lyrath Hotel in Co Kilkenny recorded a pre-tax loss of €278,278 in 2010.

According to an auditor’s report filed with the Companies Office the Lyrath Estate Hotel recorded a cash profit of €31,373 in the 12 months to the end of December 2010.

The auditor’s report states that the company incurred a pre-tax loss of €278,278 but after taking a non-cash depreciation charge of €309,651 into account, the company made a cash profit of €31,373.

Xavier McAuliffe, owner of the Spectra Group, opened the 137-bed resort and spa hotel in June 2006. Lyrath Estate Hotel is an unlimited company and is not required to lodge detailed accounts with the Companies Office.

General manager of the Lyrath, Patrick Joyce, said yesterday that the cash profit recorded in 2010 is a good result given the market.