PROPERTY group Dunloe Ewart has reported a strong performance in 1998, with profits up from £1.5 million (€1.9 million) in 1997 to £7.6 million (€9.6 million) at the end of December last. The 12-month out-turn was boosted by the development of apartments at Beresford Street in Dublin and the sale of residential lands at Cherrywood, Clondalkin and adjacent to Dublin Airport. The results also include a contribution from the completion of the Riverside House development for British Telecom in Belfast, it said yesterday.

Turnover rose from £16.7 million to £46 million. Group rental income, including service charge income and property management fees, increased to £13.7 million, compared with £3.5 million last year.

Much of this reflects acquisitions during the year of investment properties included in the £33.5 million Ewart acquisition and two other properties at Harcourt Street and Harcourt Road.

Shareholders' funds increased by 50 per cent to £85 million. Earnings per share were £1.55p up from 74p in 1977. At year end, Dunloe Ewart held investment properties worth £184.2 million. Dunloe Ewart chairman, Mr Noel Smyth, said its entire property portfolio was independently valued last year, which had led to a substantial increase in the value of its fixed assets. Its investment property portfolio has been refinanced with Morgan Stanley Dean Witter for up to £130 million. Announcing the results, Mr Smyth said he was pleased with the way the group was developing and will be seeking further growth opportunities from Dunloe Ewart's own developments and from acquisitions.