THE K Club made a loss of €4.1 million in 2006, compared to a pre-tax profit of €4.7 million in the nine months to the end of 2005, according to new accounts, writes Simon Carswell, Finance Correspondent.

Bishopscourt Investments, the company behind the Co Kildare golf resort, which hosted the 2006 Ryder Cup, had a turnover of €22.2 million, compared to €13.6 million in the previous financial period.

The company made a profit of €676,000 from the sale of property at the K Club in 2006, compared with a profit of €7.1 million from property sales in the previous nine months.

The K Club, which is owned by businessman Michael Smurfit and builder Gerry Gannon, made an operating loss of €2.9 million in 2006, compared with €1.3 million in the earlier accounting period. Its shareholders' funds fell to €32.2 million from €37 million during the year.

Wages and salaries rose to €8.2 million from €8 million, while staff numbers increased to 285 from 279 in 2006.

The company says in the accounts that the €19.1 million cost-of-sales figure included a net expense of €417,000, which "represents the net costs directly attributable to staging the Ryder Cup".

Trade debtors owing €5.2 million included €1.9 million due "in respect of the Ryder Cup", according to the accounts.

Land and buildings were valued at €58.3 million at the end of 2006, while the golf course and its irrigation system were valued at €10.7 million and €2.4 million, respectively. Fixed assets totalled €101.7 million at the end of 2006.

Auctioneer Arthur French, a director of Bishopscourt, said more than 200 properties had been sold at the club.

He said that the club enjoyed strong occupancy among US visitors and that trade in general at the club had been "exceptionally good".