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.