Green Property said today it expects the Irish commercial property market to remain weak in 2002 as it reported a pre-tax profit of €73.6 million in 2001.
Presenting the group’s annual results today Green’s chairman, Mr Ray MacSharry said: "It is the board's view that 2002 will present an investment environment in which property values in the group's various theatres of operation may not show the increases of previous years".
But he said the group’s strong balance makes the group well positioned to take advantage of any opportunities that arise, where it believes there is potential to enhance shareholder value and returns.
Earnings per share increased to 61.49 cent, an increase of 25.2 per cent over the 2000 result.
Green also said it intends to distribute more profits to shareholders through increased dividends in the future.
The board said a final dividend of 8.5 cent per share along with the interim dividend paid in September 2001 will bring the total dividend for the year to 11.5 cent per share, a 27.8 per cent increase over the 2000 payment.