Ely post-tax profit increases 55%

ELY PROPERTY Property, the Dublin-based investment property business, has reported a 55% rise in after-tax profits to €1.3 million for 2005. Operating profit rose 56% to €1.5m, while turnover increased 213% to €4.5m.

Over the last 12 months, as well as expanding its portfolio of student accommodation and tax-incentivised residential and leaseback sale activity, the company agreed heads of terms with a major hospital operator for the development of its daycare hospital.

Ely also stated it is to develop 25 crèches and nurseries.