Pre-tax profits at Michael Cotter’s Park Developments group last year increased six-fold to €5.34m, as revenues jumped by 43%.

A doubling of developer Michael Cotter’s Park Developments’ Irish revenue last year led to pre-tax losses narrowing sharply to €844,300.

The property group Park Developments, owned by developer Michael Cotter, plunged further into the red last year to record a pre-tax loss of €38.4m.