Property firm profits slip but bosses ‘happy enough’ with performance

The managing director of one of the country’s largest property firms, Lisney, said yesterday that he is “happy enough” with last year’s performance in spite of pre-tax profits decreasing by 79% to €117,872.

Figures lodged with the Companies Office show that pre-tax profits at Lisney Ltd declined sharply from €560,132 to €117,872 in the 12 months to the end of March 2012. This followed the firm’s gross profit decreasing by 13% from €8.5m to €7.4m.

MD James Nugent pointed out that non-cash items including a provision of €432,144 for an impairment on an inter company loan and a €150,000 property write down contributed to the loss.