Airspace Investments profit up 67% in 2012

Pretax profits at a property business synonymous with developer Ken Rohan has reported a 67 per cent rise in profit last year.

Airspace Investments accounts show a profit of €4.3 million in 2012 despite a 14 per cent fall in revenue to €8.24 million, all attributable to rental income in Ireland, the UK and Barbados.

The company and its subsidiaries were led for many years by Mr Rohan, a well-known developer from Cork.

He stepped down in December 2009, when his son, Jamie was appointed managing director of the business, but remains a director and majority shareholder in the group.

Documents just filed with the Companies Office show the group is cash rich, with reserves of €19.1 million despite paying a dividend of €1.1 million last year.

The figures show that net profits were further reduced to €2.53 million as the company wrote down the value of property holdings by €418,932.

In 2011, the company reported a loss after tax of €10.5 million after a €12.8 million write-down was taken into account.