CBRE sees strong office-leasing sector but pre-tax profits fall

Connaught House in Dublin

Gordon Deegan

Pre-tax profits at the Dublin-based unit of commercial property giant CBRE fell by 37pc to €1.97m last year.

New accounts show that revenues declined by 4pc, from €24.3m to €23.37m.

According to the directors' report "2017 witnessed good activity levels in the domestic commercial property market".

They said the company had benefited from "very strong office-leasing performance, extension of our business service line offerings, and geographical expansion".

But it suffered from what it called the "normalisation" of valuations and fundraising for property deals on the capital markets, after highs the previous year.

CBRE has been among those to benefit from the recovery of the property market here.

But last year operating profits fell by €1.13m, or 38pc, to €1.8m.

Directors' pay at the company fell from €1.14m to €879,223, while operating profits fell by €1.13m, or 38pc, to €1.8m.

The company recorded post-tax profits of €1.7m after paying its corporation tax.

At the end of December last, shareholder funds stood at €13.19m, including accumulated profits of €11.86m. The firm's cash pile increased to €12m. Cost of sales rose from €21.38m to €21.57m.

The company has let a portion of its office space at Connaught House in Dublin, pictured, under a five-year lease since 2013.

The accounts show that during the year €134,382 was recognised as rental income by the company.