Trump's Irish golf resort cuts operating losses to €330k
Rising revenues last year at Donald Trump's Doonbeg golf resort in west Clare saw its operating losses almost halved to €330,030.
Accounts filed with the Companies Office by TIGL Ireland Enterprises, which runs the resort, show operating losses fell by 46pc from €610,117 as revenues rose by 15pc from €9.2m to €10.66m.
The resort's directors said they are confident it will return to operating profit this year. The company recorded a pre-tax loss of €1.74m in 2017, down 12pc from €2m in 2016.
Mr Trump's sons, Eric and Donald Jnr, are on the board of TIGL.
The directors said the firm had a capital spend of €1.4m last year to improve the course and property after a capital outlay of €3.1m in 2016.
The firm got a further €2m cash injection from the Trump Organisation in 2017 on top of a €4.5m cash injection in 2016.
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The directors said they are confident "that in the forthcoming year, the continued redevelopment will contribute posit- ively to an increase in turnover and the return of operating profits in 2018".
There are plans for a €40m development of 53 cottages along with new conference and leisure facilities.
The directors said the plans "if approved will have a positive impact on top line revenues, enhance the customer experience and have a positive effect on trading results".
Workers at the business last year increased from 200 to 213, and staff costs rose by 14pc from €5.26m to €6m.
The firm's tangible assets had a book value of €20.8m at the end of last year.
General Manager with Trump Doonbeg, Joe Russell said: "We are pleased with our continued growth last year, underpinned by an excellent performance from our golf operation, growth in members and increase in bed nights. 2018 is going to out perform last year overall."