Saturday 21 April 2018

Irish property group pays out €11m dividend over two years

O’Connell Bridge House in Dublin
O’Connell Bridge House in Dublin

Gordon Deegan

The property group which was established by one of Ireland's largest developers, the late John Byrne, paid dividends of €6m in 2015, new figures show.

The native of Co Kerry died in October 2013 in his 94th year and figures for his Carlisle Trust Ltd lodged with the Companies Office showed that the firm recorded profits of €3.67m in 2015.

The company's ultimate parent undertaking is Prospect Holdings, an unlimited Cayman Island company which is controlled by a Cayman Island Trust.

At the end of December 2015, the firm was sitting on accumulated profits of €66.47m.

Mr Byrne featured in the Moriarty Tribunal where he stated that he never gave Charlie Haughey "a penny in his life, or a pound" after he was asked to explain how more than £300,000 (€351,000) of his money found its way into bank accounts which were used by Mr Haughey.

Mr Byrne's first foray into property development was the construction of O'Connell Bridge House, the large office building in Dublin.

Through a combination of dividends and the €3.67m profit recorded in 2015, accumulated profits at Carlisle Trust Ltd dipped by €2.59m from €69m to €66.47m in 2015.

The firm enjoyed a €3.47m jump in the value of its investment property portfolio, going up from €43.13m to €46.60m

The firm's cash pile declined sharply, going from €15.7m to €6.24m.

The dividend pay-out of €6.2m followed a dividend payout of €5.5m in 2014.

The firm and its subsidiaries earn millions of euro each year from leases to Government departments and agencies.

Numbers employed by the firm fell from eight to seven. Staff costs, including directors' remuneration, jumped from €621,829 to €639,875. Directors' remuneration increased from €388,892 to €400,000.

The best performing Carlisle company in 2015 was Alstead Securities Ltd which recorded profits of €5.5m.

Indo Business

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