Operating profits at the Irish arm of commercial and residential property firm Jones Lang LaSalle (JLL) declined by 62 per cent to €1.974 million last year.
The Dublin based firm recorded the drop in operating profit after revenue slumped by 32 per cent from €23.78 million to €16.16 million.
According to the directors, the business has continued to trade profitably in 2021 and they are “confident” its future prospects.
Pay to directors last year dipped by 11 per cent from €5.93 million to €5.27 million which worked out at average pay of €479,454 to each of the 11 directors last year.
The numbers employed increased from 98 to 105 last year and the business’s overall staff costs – including directors’ pay – last year declined by 27.5 per cent or €3.72 million – from €13.58 million to €9.85 million. Its pretax profit declined by 10.5 per cent to €2.35 million.
Pretax profit of €2.62 million in 2019 took account of exceptional costs of €2.92 million that did not reoccur last year.
Post-tax profit last year was €1.95 million after the firm paid corporation tax of €400,000.
Meanwhile, separate accounts lodged by the Irish arm of commercial property services firm CBRE show it recorded a pretax loss of 812,007 last year.
This followed CBRE Unlimited Company recording a pretax profit of €4.73 million in 2019 – a negative swing of €5.54 million.
The firm recorded the pretax loss after revenue declined by 31 per cent or €10.76 million from €34.96 million to €24.2 million.
The directors said: “2020 witnessed good activity levels in the domestic commercial property market”.
They said the company has been impacted by the pandemic and by virtue of being an island nation, the Irish market is particularly susceptible to the inability of investors and occupiers to travel to inspect opportunities during lockdown. Numbers employed increased from 149 to 155 as staff costs decreased from €19.3 million to €16.69 million.
At the end of 2020, accumulated profits totalled €18.6 million. The company’s cash funds increased from €14.5 million to €17.07 million.
Pay to directors last year declined by 19 per cent from €951,597 to €772,178. The pretax loss also takes account of non-cash depreciation costs of €479,036.