Property group sees operating profits double to €25.9m

Operating profits at the Dublin-based property group behind the iconic €100m Titanic Quarter development in Belfast last year more than doubled to €25.9m.

New accounts just filed by Harcourt Developments show the 115% jump in operating profits in spite of revenues decreasing by 19% from €131m to €106.5m in the 12 months to the end of Dec 2012.

However, interest payments totalling €23.2m and €2.36m written off in investments resulted in the group recording a pre-tax profit of €380,738. This followed the group recording a pre-tax loss of €14m in 2011.

Led by Donegal man, Pat Doherty, Harcourt Developments Ltd also counts amongst its directors Andrew Parker Bowles, former husband of Camilla, Duchess of Cornwall and wife of Prince Charles, the heir to the British throne.

The accounts state that a substantial portion of the group’s loan facilities were transferred to Nama during the summer of 2010. The note states: “The majority of these loans are secured on income-producing assets, which are sufficient to service the interest obligations.”

The note goes on: “At the end of Feb 2012, the group successfully completed the restructuring of its loan facilities with Nama. This secures the group’s financial position and outlines a strategy to repay its loans up to Jun 2016. All of the group’s non-Nama lenders continue to be supportive and loan facilities are in place.”

The group owns and manages six shopping centres in Ireland while its hotel portfolio comprises eight hotels including the five-star Lough Eske Castle in Donegal.

The group developed the Park West business and retail park in Dublin and also has property interests in Jersey and Antigua and a mixed use development in Las Vegas which will be developed when market conditions permit.

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