Crane Hire makes €682,240

The crane hire company owned by former CIÉ chairman and Aer Rianta director, Mr Dermot O'Leary, made a pre-tax profit of €682,240 in the year to December 31st, 2002.

Profits were up significantly on 2001, when Crane Hire made a profit of €134,764.

The company's turnover in 2002 was €5.5 million, a similar figure to that of 2001 when turnover was €5.4 million, however distribution costs (€1.8 million) were significantly lower last year than on the previous year (€2.4 million).

Administrative expenses were €2.8 million in 2002 compared with €2.7 million in 2001.

No dividend was paid by the company and its accumulated profits at the end of 2002 were €4.2 million. No details concerning directors' remuneration were given in the accounts, which were filed recently. Bank loans and directors' loans were given as €1.79 million. The figure was not broken down.

Mr O'Leary owns 50 per cent of the company and Ms Margaret O'Leary owns another quarter. Mr Jarlath O'Leary owns the remaining 25 per cent.

A legal action wherein Mr O'Leary is alleging wrongful dismissal from the position of chairman of CIÉ is due to come before the courts next month. It was due to begin in November but was adjourned because Mr O'Leary was ill.

As well as being re-appointed to the position, Mr O'Leary is seeking damages. The State is claiming Mr O'Leary tendered his resignation at a meeting with the former minister Mr Michael Lowry, on April 25th, 1995. In November, the court was told by counsel for the State, Mr Brian O'Moore, that the meeting on April 25th, 1995 lasted only minutes but would be critical to the proceedings. He also said that Mr O'Leary's application to the court for a judicial review was not made until 11 months after the critical meeting and this fact would be one of the issues to be raised.