Developer sees profits slump 29% to £5.3m

THE property developer Sean Mulryan saw profits at his British business fall by 29% last year.

Accounts obtained from Companies House in London show that the Ballymore Properties saw after-tax profits fall to £5.31 million (€7.8m) in the year to March 31, 2003 from £7.5 million a year earlier.

Turnover at the company, which overseas Mr Mulryan's British ventures, fell from £56.1m to £38m. The main reason for the dip in annual turnover was a fall-off in the number of development properties bought and sold by the company. Trading at this side of the business fell from £47m in 2002 to £29m last year. The company generated rental income of £9m, up substantially on the £6.7m rental turnover in 2002.