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.
Operating expenses fell from €6.8m to €6.5m. A tax charge of €50,248 gave the firm post tax profits of €111,210. The firm’s cash balance increased from €581,452 to €724,497.
Staff numbers rose from 90 to 93 with employment costs decreasing by 4%, from €4.53m to €4.34m.
Emoluments for the firm’s 12 directors reduced by €150,082 from €941,216 to €791,134 last year.
Profits took account of non-cash depreciation costs of €159,523. Shareholder funds reduced from €1.51m to €1.28m
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