Byrne property group records profits of €50m

The property group established by one of Ireland’s largest developers, the late John Byrne, recorded profits of €50m in 2013, new figures show.

The native of Co Kerry died in October 2013 in his 94th year and new figures for his family-owned Carlisle Trust Ltd show that the main contributor to the €49.88m post-tax profits was an intra- company debt of over €44m due to a parent company being forgiven.

The company’s ultimate parent undertaking is Prospect Holdings, an unlimited Cayman Island company which is controlled by a Cayman Island Trust.