{"id":96109,"date":"2025-10-22T03:20:13","date_gmt":"2025-10-22T03:20:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/96109\/"},"modified":"2025-10-22T03:20:13","modified_gmt":"2025-10-22T03:20:13","slug":"operating-profits-at-company-that-runs-denis-obrien-owned-galway-hotel-fall-30pc-to-e307000","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/96109\/","title":{"rendered":"Operating profits at company that runs Denis O\u2019Brien-owned Galway hotel fall 30pc to \u20ac307,000"},"content":{"rendered":"

New accounts filed by Mr O\u2019Brien\u2019s Yelsea Ltd show that the hotel firm\u2019s operating profits dropped as revenues rose by 6pc from \u20ac8.45m to \u20ac9.02m.<\/p>\n

Directors for Yelsea Ltd \u2013 which include Mr O\u2019Brien\u2019s wife, Catherine \u2013 say they are satisfied with the company performance considering the very difficult trading conditions in the previous two years.<\/p>\n

However, the firm recorded a pre-tax loss of \u20ac448,052 last year after interest payable and similar expenses of \u20ac755,174<\/p>\n

The bulk of the interest payable at \u20ac461,124 was on a shareholder\u2019s loan and this contributed to a total of \u20ac4.23m interest payable on the shareholder\u2019s loan at the end of 2024.<\/p>\n

In their report, the directors say: \u201cThe principal risk and uncertainties are the continuing inflationary pressures on costs, global instability and unfavourable exchange rate movements that could impact international travel, particularly from the US, and any potential slowdown or contraction in the Irish economy in the future.\u201d<\/p>\n

\"Denis<\/p>\n

Denis O’Brien. Photo: Getty<\/p>\n

The shareholder\u2019s loan to the business at the end of last year totalled \u20ac15.37m.<\/p>\n

The directors say the company\u2019s shareholder has confirmed they will provide financial support to the company, by way of confirmation they will not call the shareholder loan in the foreseeable future, and at a minimum, for a period of 12 months from the date of approval of these financial statements.<\/p>\n

They say on this basis, the directors consider it appropriate to prepare the financial statements on a going-concern basis. The operating profit also takes account of non-cash depreciation costs of \u20ac1.46m.<\/p>\n

The numbers employed at the hotel increased from 97 to 102 as staff costs rose from \u20ac3.36m to \u20ac3.63m.<\/p>\n

The firm continued to invest in the hotel last year by adding \u20ac2m to the value of its tangible assets in land and building and fixtures, fittings and equipment. The accounts \u2013 signed off by Catherine O\u2019Brien and Niall Geoghegan on October 13 \u2013 show the company\u2019s cash funds decreased from \u20ac1.82m to \u20ac1.64m.<\/p>\n

Its net cash generated from operating activities rose from \u20ac1.8m to \u20ac2.1m.<\/p>\n

Mr O\u2019Brien paid about \u20ac6.5m for Ballynahinch in 2013 and the Ballynahinch company\u2019s fixed assets had a book value of \u20ac18.37m at the end of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"New accounts filed by Mr O\u2019Brien\u2019s Yelsea Ltd show that the hotel firm\u2019s operating profits dropped as revenues…\n","protected":false},"author":2,"featured_media":96110,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,7517,61,60],"class_list":{"0":"post-96109","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-denis-obrien","10":"tag-ie","11":"tag-ireland"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/96109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=96109"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/96109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/96110"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=96109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=96109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=96109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}