Trident Hotel on course for €530,000 profit

The Trident Hotel in Kinsale, Co Cork, is on course to record operating profits of €530,000 this year.

Hotel director David Good said the overall financial health of the business was strong and its operating profits would be similar to last year’s.

The Trident is seeing 90% occupancy rates, following a very challenging January and February. Mr Good said he expected the business to record revenues of €3.05m this year, which again would be similar to last year.

Accounts state the business recorded a 1.1% decrease in turnover last year. “It has been a good year to date and there has been a pick-up in the number of tourists around,” Mr Good said.

The accounts for Trident Bawncross Ltd show the business recorded a loss of €3.88m last year that arose from a property write-down of €4.33m and an exceptional gain of €368,419.

Mr Good said yesterday that the writedown was a “non-cash item and we thought it prudent to record the writedown”.

In 2011, the hotel closed for a time following the death of a guest.

Sixty people are employed there and a note attached to the accounts stated that the directors had prepared a plan for the hotel that involved turnover growth, reduction in overheads and continued negotiations with key lenders.

The write-down last year contributed to the business’s shareholder funds of €1.53m becoming a shareholders’ deficit of €2.35m. The business’s fixed assets reduced in value from €10.5m to €5.94m.