NATIONAL Toll Roads, which operates the two toll bridges in Dublin, increased its pretax profits last year by 60 per cent to £3.2 million. This was mainly due to strong growth in traffic volumes, particularly on the high rise West Link bridge which forms part of the M50 Dublin ring road.

But, despite the strong growth in profits and a strong institutional presence on its share register, the company has no plans at present to look for a stock market listing. "The company monitors the listing position every year but there are no plans, as of now, to go to the market," according to a spokesman.

Market sources believe, however, that had NTR been successful in its proposal to build a tunnel connecting Dublin port and the motorway to the west, the group would have gone to the market to fund the project. Similarly, market sources believe that had the proposal to develop a major landfill dump at Mulhuddart been approved by An Bord Pleanala, a move to a market listing might have resulted.

NTR has submitted three separate proposals to the National Roads Authority for the tolling of sections of the Dublin ring road, in particular the Northern Cross section between the Navan Road and the airport motorway, due to open later this year. The NTR spokesman declined to expand on these tolling proposals "because the company is in an open bid situation".

At yesterday's annual general meeting, the chairman, Mr Richard Hooper, said that trading in the current year was buoyant and that the group expected "a satisfactory outcome". Mr Hooper added that the group hoped for a decision on its M50 tolling proposals by the end of the year. He warned, however, that there was a shortage of infrastructural projects in Ireland but added that "the group is committed to searching for further opportunities in Ireland". Toll revenue at the West Link increased from £5.3 million to £6.5 million last year, with an increase in traffic volumes from 6.1 million to 7.3 million vehicles.

At the East Link, which has been in operation for over 10 years, growth was less dramatic, but there was still a 7.8 per cent increase in toll revenues to £4.06 million with traffic volumes up 6.7 per cent to 6.8 million vehicles.

Unlike the West Link where NTR pays a licence fee to the State but takes all the toll revenue, the company takes in only 58.33 per cent of East Link toll revenue. The balance is paid to Dublin Port & Docks Board (25 per cent) and Dublin Corporation (16.67 per cent).

Overall, operating profits were up from £3.5 million to £4.4 million with pre tax profits up from £1.97 million to £3.2 million. NTR logged these results despite a £923,000 provision against the costs of the Mulhuddart dump development offset by a £348,000 credit relating to rates on the two bridges.

Earlier this year, the Supreme Court ruled that the West Link bridge was liable for rates and, as a result, NTR received a demand of almost £1.1 million in respect of the years 1992 to 1994. There is a similar rates dispute over the East Link with NTR contesting a £347,000 demand for the years 1986 to 1988. Both these sums have already been provided for.

NTR's shareholders receive a total of £1.51 million in dividends. The major shareholders are Mr Tom Roche's Conor Holdings, with 38.6 per cent (partly mortgaged to a fund operated by AIB), Standard Life (17.4 per cent), IBI Nominees (12.1 per cent), Irish Life (6.9 per cent), Scottish Provident (6.4 per cent), Baiullie Gifford (3.4 per cent) and AIB Nominees (3 per cent).

In addition to the £583,000 it received in dividends, Conor Holdings also received a consultancy fee of £279,000 from NTR. This agreement expired, however, at the end of last year.

The accounts show that loans, which went towards the construction of the West Link, were reduced by £1.18 million last year to £15.1 million. Most of these loans - £11.4 million - came from the European Investment Bank, with £3.7 million from Bank of Ireland and AIB.

Bank loans for the East Link have now been almost completely repaid with a £500,000 repayment last year, bringing the outstanding debt down to just £625,000.