Building firm’s pre-tax profits jump to €6.4m

Pre-tax profits at the builder of the O2 arena in Dublin last year rose 39% to €6.4m.

Accounts filed by Walls Construction Ltd, show the firm had pre-tax profits in spite of revenues falling 27% from €111.76m to €81.36m in the year to the end of December last.

The chief factor behind the rise in pre-tax profit was a one-off exceptional gain of €5m from the winding up of the firm’s defined benefit pension scheme.

The €7m refurbishment of the four-star Morrison hotel in Dublin last year added to revenues. The firm last year paid a dividend of €863,065 to its shareholders.

Operating profits last year declined by 67% from €4.75m to €1.529m and the €5m gain on the winding of the pension scheme contributed to the €6.4m pre-tax profit.

Accumulated profits totalled €20.8m with the firm’s cash reducing marginally from €3.67m to €3.36m. Directors remuneration, including pension contributions fell by 42% from €1.6m to €929,532.

A note attached to the accounts states that the firm in conjunction with the group have concluded agreement with NAMA and the relevant banks on an extension of its various financial arrangements for a further three years up to September 2016.