Timber tycoons’ firm back in profit

The group operated by Limerick timber tycoons the McMahon family returned to profit last year — but only after recording a €7.1m profit from the sale of an investment property.

Documents just filed with the Companies Registration Office by Derevoya Holdings Ltd and subsidiaries show the group recorded a €1.8m profit in the 12 months to Dec 31.

The group recorded the pre-tax profit of €1.8m after recording a pre-tax loss of €6.2m in 2010 and a pre-tax loss of €6.6m in 2009.