Operating profits at the Chinese-owned firm that operates the Fota Island Resort in Cork fell last year by 37% to €232,845.

The resort had, however, increased gross profits by 10% from €7.8m to €8.6m in the 12 months to the end of September last year.

The Kang family purchased the five-star Fota Island resort for a reported €20m three years ago and subsequently acquirded the Kingsley Hotel in Cork, for €6m.