Carroll firm sees profits up 20.5%

ONE of Liam Carroll’s property development companies has shown an annual increase of 20.5% in pre-tax profits, according to newly filed accounts with the Companies Office.

Accounts for MonAer (Cork) – a joint venture between Mr Carroll and the Dublin Airport Authority (DAA) – show that the company made a pre-tax profit of just under €1.2 million for the calendar year of 2008.

That figure was up from a profit of €976,029 for the previous year.

Turnover for the year amounted to €1.37m, which compared favourably with the 2007 figure of €1.51m. Gross profit for last year increased from €970,462 to €1.17m.

The company’s net assets, as of the end of last December, amounted to €6.65m – up by just over €100,000 from the end of the previous year.

The accounts also mentioned that MonAer’s parent company – Turckton Developments – successfully refinanced its bank facilities in August of this year. The new facility of €33.75m replaces the one that was in place at the end of last year.

MonAer’s accounts went on to say that the company is dependent on ongoing funding from Turckton Developments and that its directors have no plans to change, significantly, the activities and operations of the company in the foreseeable future.