Profits soar to €11.26m at Cotter firm
PRE-TAX profits at Michael Cotter's Park Developments almost doubled to €11.26m last year.
New figures show that Park Developments (Dublin) Ltd recorded the 81pc increase in pre-tax profit last year after revenues increased by 65pc, from €45.69m to €75.58m
Park Developments is best known as the company behind the Park commercial development in Carrickmines, South Dublin.
The business has six directors and directors' pay at the business last year increased by 32pc, from €764,500 to €1m.
The accounts disclose that the business exited Nama last June following a refinancing of the group's loan facilities with new lenders.
The report stated: "The group repaid in full all capital, interest and fees due on the original loan facilities that were transferred to Nama from AIB in November 2010, in addition to all new facilities provided by Nama to fund new developments."
The report added: "All loans were fully performing throughout the period of the group's facility agreement with Nama."
The directors stated that the group entered into a new liability agreement with AIB and Bank of Ireland on June 22 of this year.