BAM Contractors returns to profit

ONE of the largest construction groups in the country, BAM Contractors returned to profit last year despite writing down its Irish property portfolio by €37.7 million.

Accounts filed with the Companies Office show that Dutch-owned BAM Contractors (formerly Ascon Contractors) and subsidiaries recorded a pre-tax profit of €4.4m in the 12 months to the end of December. It followed a pre-tax loss of €9.9m in 2009.

The civil engineering group returned to profit despite revenues declining 25.5%, from €362.8m to €270.2m.