Gresham Hotel Group today reported pre-tax losses of €394,000 for the first six months of the year.
This compares with losses of €958,000 for the corresponding period last year.
Turnover for the period was €25.3 million down from €26.8 million last year while operating profit fell some 44 per cent to €993,000, down from €1.8 million last year.
The hotel group said trading for the period had been "adversely affected by the conflict in Iraq, particularly during the months of March and April, and the travel concerns created by the SARS virus".
The figures did not reflect the recent sales of Killarney Ryan, Limerick Ryan and Galway Ryan Hotels for €35.75 million.
The group, which now plans to focus on its four-star city centre sites, said room occupancy was 73 per cent, unchanged from a year earlier. The company did not pay an interim dividend due to uncertain trading conditions.