Building firm’s operating profit up 41%

Operating profits at the building group that recently completed the €7m refurbishment of the Morrison Hotel increased by 41% to €5.3m in 2011.

This followed revenues at PJ Walls (Holdings Ltd) and subsidiaries increasing by 14%, from €169m to €193.7m, in the 12 months to the end of 2011.

However, a writedown of €17.4m in assets resulted in the group recording a pre-tax loss of €9.9m — down from the €37.8m loss in 2010 that arose from a writedown of €44.4m.