THOMAS Crosbie Holdings, the Cork media and investment company, has announced a 266 per cent increase in pre tax profit from £300,000 in 1994 to £1.1 million in 1995.
The group owns Examiner Publications Cork, publisher of the Examiner and the Evening Echo, which two weeks ago announced a 58 per, cent increase in pre-tax profit to £1.2 million. However, these figures are excluded from Thomas Crosbie's latest results.
Mr Anthony Dinan, managing director of Thomas Crosbie, said the profit rise reflects an increase in rental income, higher dividends and the capital value of investments.
The group owns properties in Cork, forestry in Kerry, three investment portfolios, the Western People which it acquired last year, the Waterford News & Star and a 15 per cent stake in Radio Ireland, which was awarded the national independent radio franchise earlier this year it has also acquired Cuthberts, a newsagent and delicatessen in Anglesea Street, Cork.
The latest results do not include any profit contributions from the Western People or the Waterford News & Star.
Shareholders' funds rose from £14.5 million to £15 million, represented by fixed assets of £8 million and investments and cash of £7 million.
The group does not expect a profit contribution from Radio Ireland until the third year. It is still gearing itself for a start up in November, according to Mr Dinan, but this "depends on RTE transmission facilities" being available. Negotiations with RTE were continuing, he added.
Thomas Crosbie is looking to grow organically and by acquisition.
