Payments to Bowen bosses exceed profits

PAYMENTS of €1.8m to directors at Bowen Construction exceeded pre-tax profits, it emerged yesterday.

While pre-tax profits at Bowen Construction increased by 95% to €1.63m they still fell short of directors emoluments of €1.8m, results filed with the Companies Registration Office (CRO) reveal.

Bowen Construction one of the top constructions companies in the state is currently the main contractor on a €75m shopping centre element of the €500m Mahon Point development. The centre is expected to be open for business by the spring of 2005.

Latest figures filled by Bowen Construction with the CRO show turnover in the year to April 2002 increased to €76.3m from €63.8m a year earlier.

The company made a gross profit of €7m (€5.1m 2001) but administration expenses of €5.3m (€4.3m) brought operating profits to just €1.8m (€839,393). The company paid €339,227 in corporation tax in 2002 (€192,142).

Stocks on hand increased to €12.3m from €7.6m in 2001 the company’s accounts show. The company had trade creditors of €16m (€11.2m). Directors emoluments came to €1.8m down from €2.2m in 2001 while pension costs fell to €435,000 down from €650,000 a year earlier. The company’s directors are: Don Brockie, Michael Allen, Kevin O’Connor, Michael Browne, John Richard Bowen, Barry Crowley, Fergus Collins and Henry Looney.

Founded in 1968 Bowen Construction, formerly Bowen Mullally & Company Limited, has been engaged in a variety of high profile construction projects.