The property and investment company Rohan Holdings has posted a pre-tax profit of €2.1 million for the year ended 2003.

This compared with a pre-tax loss in the year before of €595,785. A major contributor to the improved pre-tax figure was a cut in costs from €1.4 million to €732,527.

After-tax profit was up from €544,332 to €1.7 million. The balance at the end of the year was €7 million. The year opened with a balance of about €5.3 million.

The company which is strongly associated with developer, Mr Ken Rohan, has decided not to pay a dividend for 2003. In 2002, a dividend of €348,000 was paid.

The company lists five directors, among them Mr Ken Rohan, who holds 54 per cent of the shares.

Total director's remuneration was down significantly in 2003 to €410,717, from €945,689 previously.

This was mainly caused by a sharp drop in salaries.

The company's development land increased in value in 2003 from €10.3 million to €11.6 million.

The directors said: "The results for the year are considered satisfactory and in line with expectations. "