Property surge drives Jones Lang LaSalle

2 Grand Canal Plaza

Gordon Deegan

The upsurge in the Dublin commercial property market contributed to profits more than doubling at one of the country's best known property firms, Jones Lang LaSalle (JLL), last year.

New figures filed by Jones Lang Lasalle show that pre-tax profits increased doubled to €2.83m last year.

The jump came as revenues at the firm increasing by 23pc to €13m thanks to the revival in the fortunes of the commercial property sector..

The directors state that the increase in revenues and profits reflect "an increase in general activity levels in the commercial market in Dublin during the year".

The firm is on course for even higher revenues this year with JLL's latest investment property report finding that the total amount of capital invested in Irish commercial property in the third quarter of this year was, €1.15bn, higher than in any other quarter recorded.

The number of people employed at JLL increased from 63 to 71 with staff costs, including directors' pay, going up 17pc from €6.8m to €7.98m.

The increased business resulted in emoluments for the firm's 12 directors increasing marginally from €3.071m to €3.162m - resulting in average emoluments of €263,500 for each of the 12 directors.

The company's operating profits of €2.57m were boosted by higher net interest payments received last year of €260,000.

The profit takes account of €142,000 in non-cash depreciation costs. The company's accumulated profits stood at €33.5m.