Profits at the one of the country’s most exclusive golf clubs fell by 46 per cent to €291,947 last year, after income from new membership fees plunged.

According to Lahinch Golf Club’s annual report, the 121-year-old club recorded a surplus last year of €291,947, compared to a surplus of €540,231 in 2011.

The links club counts Irish rugby international Paul O'Connell and major winner Phil Mickelson among its members.

The chief factor was revenue from entrance fees declining by 94 per cent, from €262,999 to €15,000. The drop in income from overseas life membership fees was less stark, down from €179,606 to €141,815.

In a report to members yesterday at the club’s agm, club captain Ray Hennessy confirmed that the club had lost 500 fee-paying members since 2009.

Overall membership last year fell by 87, from 2,772 to 2,685. In 2011 Lahinch lost 75 adult members through resignations and a further 98 received leave of absence.

Last year the club slashed entrance fees for new members, from €25,000 to €10,000, and proposed a new intermediate category of membership.