Pre-tax profits at Lisney rise 37%

Pre-tax profits last year rose by 37% to €161,458 at one of the country’s largest property firms, Lisney.

New figures just filed with the Companies Office show that Lisney Ltd recorded the increase in pre-tax profits in spite of the firm’s gross profit decreasing by 6.6% from €7.4m to €6.9m in the 12 months to the end of Mar 31, 2013. The firm’s operating profits last year declined by 27% from €692,512 to €506,345.

A combined reduction of a provision for impairment of loans and property write- down from €582,144 to €357,186 contributed to the rise in pre-tax profits last year. The loan impairment provision reduced from €432,144 to €257,186 with the property write down decreasing from €150,000 to €100,000.