Profits rise 59% at car rental firm

Pre-tax profits at the one of the country’s largest car rental firms last year increased by 59% to €558,536, figures show.

Abridged accounts filed by Dan Dooley Group show that pre-tax profits increased after the group’s gross profit went up by 20% from €4.86m to €5.84m in the 12 months to the end of Nov 30.

Group chairman Dan Dooley said yesterday: “We are happy with our performance last year in spite of tough trading conditions.”

Mr Dooley said that the group has employed an additional 12 people this year to staff its operations at Terminal Two in Dublin Airport, bringing the numbers employed to 82.

Mr Dooley said that the group is anticipating that profits and revenues will increase by 10% this year.

He said: “The two years of profits in 2011 and 2010 recover from the losses of previous years.”

Mr Dooley said the rise in volume of business and a continuing cost-cutting programme are the factors behind the increased profits.

He said: “We have looked at everything up from the cost of a postage stamp, but we have not cut the wages of staff during the current recession.”

The firm operates from the country’s main airports, and Mr Dooley said business at its Shannon Airport unit for the first quarter of this year was down 22%-23% as a result of passenger numbers declining at the airport.

The figures show the firm’s operating profits last year increased 64% from €358,940 to €589,389.

However, net interest payments totalling €30,853 reduced the firm’s profits to €558,536.

The accounts show the firm’s cash last year rose from €1.7m to €2m. The firm had accumulated profits of €848,588, with shareholder funds standing at €11.8m.

Remuneration for directors last year rose from €224,902 to €258,438. The directors did not recommend the payment of a dividend.


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