Daft's pre-tax up 25pc despite writedowns
Pre-tax profits at online media group, Daft Media Ltd last year increased by 25pc to €2.18m, its new accounts show. The group operates the country's largest property website, daft.ie.
However, accounts for the Dublin-based firm show that its pre-tax profits were hit for the second year running following the company writing down its investment in the firm that operates the community website, boards.ie.
The accounts to the end of December last show that Daft Media Ltd took a majority stake in Boards.ie Ltd last year by investing an additional €1.35m in the company to bring its stake in the firm to 71pc.
Daft Media Ltd had invested €999,750 to acquire a minority stake-holding in boards.ie in 2008 and last year's purchase of additional shares brings its total investment to €2.35m.
Daft Media Ltd wrote down its investment in boards.ie by €428,000 last year and this followed a write down of €749,750 in 2008.
The total write-down in boards.ie is €1.17m.
The directors reveal that Boards.ie Ltd recorded a net loss of €90,763 last year.
The directors also confirm that Daft Media Ltd wrote down its investment of €240,258 in Adverts Marketplace Ltd, that was formed last year to acquire the assets of adverts.ie, by €180,000.
Last year, Daft Media Ltd's write-downs in boards.ie and adverts.ie totalled €608,258.
Established in 1997 by brothers Eamonn and Brian Fallon, Daft Media Ltd's revenues last year increased by 6pc from €5.7m to €6.1m.
The figures show that Daft Media Ltd's operating profits increased by 11pc from €2.45m to €2.74m last year.
The filings show that the directors received an aggregate €222,000 for management services last year and an additional aggregate €142,000 for consultancy services. The company's operating profits last year increased by 11pc from €2.45m to €2.74m.