Operating profits of Yelsea Ltd, the company that operates the Denis O’Brien-owned Ballynahinch Castle hotel in County Galway more than doubled in 2022 to €572,977 due to a surge in revenues, which increased by 73pc from €4.82m to €8.36m.
Denis O’Brien paid about €6.5m for Ballynahinch in 2013 and has extensively refurbished the property.
Although the company reported a pre-tax loss of €66,948 due to interest payments and similar expenses, directors stated that the year 2022 marked a return to pre-Covid trading levels.
The directors anticipate continued good trading performance at pre-Covid levels, given their satisfaction with the company’s performance in challenging trading conditions and the expectation of adapting to manage costs effectively.
