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.


Lifestyle

OUR fascination with interiors inspiration (in print, online and of course in the likes of social media sites like Pinterest and Instagram) is not going anywhere any time soon.Clutter is a symptom of the housing crisis

All your gardening news.Gardening Notes: Your guide to what's on

Get ready for Stir-Up Sunday with this classic recipe.How to make Bake Off finalist Steph’s Great Grandma’s Christmas fruitcake

I’ve written about Puglia, Sicily, and even Calabria frequently but much less about Basilicata and Campania, both small wine regions but not to be dismissed.Wine with Leslie Williams: The white grapes of Southern Italy

More From The Irish Examiner