A STRONG showing by its exhibitions business and a successful Horse Show helped the Royal Dublin Society in Ballsbridge to post a 22 per cent rise in its surplus last year.

The 281-year old institution recorded a surplus of €1.64 million in 2011 compared with €1.34 million last year. Income rose to €16.4 million from €16 million while costs were flat at €13.8 million. This gave an operating surplus of €2.5 million, which was supplemented by interest income of €210,000.

Interest payments of €954,000, however, relating to debt-servicing costs on its office development on Simmonscourt Road, reduced the surplus.

The RDS also took a €3.4 million writedown on the value of those offices – whose tenants include Irish Distillers and the International Rugby Board – reflecting the softness of property values here. The offices are now valued at €32.9 million.

Chief executive Michael Duffy said he was “pleased” the events business held up well.

The RDS has some major bookings this year, with the International Eucharistic Congress expected to attract thousands of delegates and Bruce Springsteen set to boss the showgrounds on two dates in July.

The Horse Show, which cost €3.9 million to run last year, has changed its slot in August to avoid a clash with the London Olympics. “If market demand holds up we’ll have a broadly similar outcome this year,” Mr Duffy predicted.

The society continues to press ahead with plans to sell the naming rights to its main arena, where Leinster rugby plays its home matches. The funds would be used to help fund a proposed €17 million redevelopment of the stadium that would boost capacity to 23,000.

“There are a number of parties that we’re engaged with at the moment, but the process still has some time to run,” Mr Duffy added.