Directors' pay at building firm slumps by 90pc
Published 25/07/2015 | 02:30
Directors' pay at one loss-making Dublin building firm has fallen by 90pc since 2007, new figures show.
The sharp cut is revealed in new accounts for Noonan Group Holdings where pre-tax losses increased five fold last year to €4.9m.
The group incurred the sharp increase in losses in spite of revenues increasing from €325,991 to €2.4m.
According to the directors' report, the Noonan group completed 16 house sales with revenues of €2.4m in 2014 and this compared to just two houses sold here in 2013.
Three directors, Kiernan Noonan, Neil Noonan and Barry Cahill, last year received €202,973 in remuneration.
This compares to €3.95m paid out to seven directors in 2007 when revenues totalled €30m.
The group disposed of its €100,000 investment in the Griffin Hotel Group - which includes Monart and the Ferrycarrig Hotel - in 2013.
The investment was valued at €3.8m in 2011.