Upbeat Cosgrave builds up profit of €8.9m
COSGRAVE Property Development has emerged as one of the few major property companies in the black as it gets provisional sign-off on future loans from NAMA.
Accounts for Cosgrave Property Developments just filed show the firm sitting on accummulated profits of €8.9m and assets of €37.6m. Unlike the bleak message contained in the financial statements of most development companies, the firm remains upbeat.
"The directors are satisfied with the company's performance during the year notwithstanding significant market challenges,'' state the accounts, covering the year ended April 30.
The directors -- Joseph Cosgrave, Michael Cosgrave, Peter Cosgrave -- do not take a dividend from the business in the year under review, in which a profit of €163,626 was reported. There is equity in the business of €8.9m and no director's pay was awarded by the business either.
Like many development companies, its loans are renewed on an annual basis and have been transferred to NAMA.
"The heads of terms of renewed facilities have been agreed with NAMA by the directors; however, the facility agreements are pending,'' according to the Cosgrave accounts.
The company has €28.7m of creditors, with the largest amount owed to subsidiaries, with an overdraft of €9.9m.
The company is ultimately owned by Borg Developments, an unlimited company.
Cosgrave is one of the largest housebuilders in Ireland and in recent years made a string of investments in overseas locations, including London.
The Cosgrave group is currently building one of the largest developments in south County Dublin at the prime site of the former Dun Laoghaire golf club.