Profits double at car park operator
The chief executive of one of the country’s largest private car park operators, Euro Car Parks, yesterday confirmed that the group doubled its profits last year.
David Cullen was commenting yesterday on figures for 2011 for Euro Car-Parks’ two firms that show that they sustained a 41 per cent drop in combined profits from €182,370 to €105,931.
Mr Cullen said that the drop in profits in 2011 arose from a €1.1 million investment in the purchase and fit-out of a new headquarters for the company.
He said: “2011 can be described as stagnant. Last year was good with a doubling in profits and this year is looking excellent.”
The firm owns and manages 60,000 car park spaces across the country.
Figures for the business’s main firm, Euro Car Parks (Ireland) Ltd, show that the firm’s gross revenues increased by 10 per cent from €8.6 million to €9.5 million in the 12 months to the end of December 2011.
Euro Car-Parks (Ireland) Holdings Ltd recorded a profit of €40,446 that followed a loss of €69,630 in 2010. Staff costs increased by 5 per cent from €3.8 million to €4 million, with emoluments for the four directors increasing from €116,747 to €124,550.