The Donald Trump-owned Trump Doonbeg resort in Co Clare has recorded its first operating profit since it was bought in 2014.
Accounts show that the business recorded a modest operating profit of €2,939 as revenues increased by 7.5 per cent from €10.66 million to €11.47 million last year. This follows an operating loss of €330,030 in 2017.
However, the resort company TIGL Ireland Enterprises Ltd recorded a pre-tax loss of €1.49 million last year due to non-cash depreciation and amortisation costs of €1.487 million. this also includes interest costs of €14,943 last year.
The pre-tax loss of €1.49 million last year was 15.5 per cent down on the pre-tax loss of €1.7 million in 2017.
The Trump Organization has ploughed more than €40 million, including the purchase price, into the resort since its purchase.
Since it was bought, Donald Trump has visited Doonbeg seven times – including last June's visit which provided a windfall for the resort when it received €107,625 for providing food and catering to gardaí on overtime.
Capital improvements
The new accounts confirmed that last year, the Trump Organization spent €1.2 million in capital improvements at the resort, and this followed a spend of €1.4 million under the same heading in 2017.
According to the directors’ report, “the owner’s commitment to invest in its facilities over the past number of years has resulted in significant annual improvement to the group’s operating results before depreciation and tax.
“The directors are confident that in the forthcoming year, the continued redevelopment will contribute positively to increases in turnover in the years to come.”
Last month, the resort received a boost with Clare County Council granting planning permission for a €40 million plan that includes 53 holiday cottages, a ballroom/function room, a leisure centre and a new restaurant.
The resort is now free to press ahead with the plan after no appeal was lodged to An Bord Pleanála against the decision.
Next month the board is expected to make a decision on coastal protection works for the resort.
According to the directors, “the success of both applications will be fundamental to the continued success of the resort and its operations.”
Largest employer
The resort is the single largest employer in west Clare, and last year staff costs increased by 5.5 per cent from €6 million to €6.35 million as numbers employed increased from 213 to 221.
At the end of last year, the company’s shareholder funds totalled €19.14 million.
This was made up of €10.8 million in accumulated losses and €29.16 million in other reserves.
Mr Trump's sons Eric and Donald Jnr remain on the board of the Trump Doonbeg company. Mr Trump and his daughter Ivanka stepped down as directors on January 19th, 2017, the day before his inauguration.
The accounts were signed off by directors Eric Trump and general manager Joe Russell on October 31st.
