Markland Holdings pretax profits down 60% in 2014

Markland Holdings, a property group owned by developer Sean Mulryan, reported a €1.7 million pretax profit in 2014, down 60 per cent on the €4.5 million a year earlier, newly-filed accounts show.

Turnover from continuing operations fell 9 per cent from €28.3 million to €25.7 million over the year.

The group, which was established in 1998, was jointly owned by Mr Mulryan and Patrick Kelly, until the latter's death in early 2011. Mr Mulryan, who also controls Ballymore Properties, has reportedly taken over Mr Kelly's stake in Markland.

Markland, which is the holding company for over 30 subsidiaries in Europe and the US, had a number of non-performing loans from Bank of Ireland and Irish Bank Resolution Corporation (formerly Anglo Irish Bank), transferred to the National Asset Management Agency (Nama) in 2010.

Other directors listed for the group, whose rental portfolio includes properties in Ireland, the UK, the Czech Republic, Belgium, Germany, Hungary include John Sisk and Frank Walker.

The accounts show Markland reported an operating profit before tax, exceptional items and impairments of €4.9 million in 2014, versus €8.1 million a year earlier. The decrease was attributed to a fall-off in rental income following the sale of properties in the US.

Directors’ remunerations declined from €222,814 to €150,076 from 2013 to 2014.

Loans amounting to €4.3 million were advanced to Skerries Point Limited, a company owned by Mr Sisk and Mr Walker which developed the Skerries Point shopping centre during the year.