€2.94m profit at Cotter company
Pre-tax profits at Michael Cotter's Park Developments group last year almost halved to €2.94m.
New figures show that Park Developments (Dublin) Ltd recorded the pre-tax profit last year after revenues increased marginally going from €18m to €18.4m.
Park Developments, which is best known as the company behind the Park commercial development in Carrickmines, Dublin, had shareholder funds last year of €82m that included €74m in accumulated profits.
The directors state that they acknowledge that the industry in which it operates has experienced difficult times in recent years. However, they state that the property market has stabilised and the directors anticipate modest growth given macro-economic conditions in the housing sector.
According to the directors' report, the directors are satisfied that all funding conditions are being satisfied and that the group can continue to manage its business and pay its liabilities as they fall due, including the servicing of interest on all of the group external loan facilities.
Six directors served during the year and directors' remuneration last year increased to over €721,200 that included €23,000 in pension payments.
The company owed €366 million to its parent company, Gansu and connected firms, while at year end, the firm was owed €431m by group companies.
The directors state its loan facilities are with Nama and agreed funding arrangements are in place to December 2018.