Dublin Docklands reports €12.3m surplus

The Dublin Docklands Development Authority (DDDA) reported a surplus of €12

The Dublin Docklands Development Authority (DDDA) reported a surplus of €12.3 million last year in a progress report at the half-way point of its 15-year plan.

According to the DDDA's accounts, Grand Canal Harbour was the main source of income, generating the bulk of its annual revenue of €25.7 million.

The company spent €6.5 million on not-for-profit activities including the acquisition of derelict properties and construction of the Sean O'Casey Bridge.

The company also spent €2.3 million on community development projects. When these not-for-profit items are included there was a deficit of €2.7 million.

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As of December 31st, 2004, the DDDA's net worth was €98.4 million with Grand Canal Harbour among the principal assets.

This compares with €22.5 million in May 1997, when the DDDA was formed, and reflects the value increases being generated from the strategy of acquiring, improving and releasing for development strategic sites in the area. Cash balances at the end of 2004 stood at €22 million.

Paul Maloney, chief executive of the DDDA said: "The momentum and effect of development in Docklands is now evident.

"The Grand Canal Dock area alone is now one of the most intensive development sites in the country with construction of over 73,000 square metres of mixed used buildings advanced during 2004."