EP Mooney posts profits of €29.9m

Dublin businessman Paraic Mooney, owner of the west Dublin Nissan dealership EP Mooney, reported an operating profit of almost…

Dublin businessman Paraic Mooney, owner of the west Dublin Nissan dealership EP Mooney, reported an operating profit of almost €30 million after a revaluation last year of his portfolio of investment properties.

The revaluation was undertaken last year as Mr Mooney moved to consolidate his commercial interests in a group structure for the first time. Accounts just filed for the holding company - EP Mooney & Co - show that it had a turnover of €94.46 million and gross profits of €8.86 million in 2005.

The operating profit of €29.9 million in a business employing 187 people was booked after €28.94 million in valuation gains on its investment properties.Rental income net of head rents was €1.87 million and operating expenses of €9.77 million.

The pretax profit was €24 million. The addition of €18.23 million in profits to the profit and loss account brought accumulated profits to €29.58 million. The group also booked an unrealised surplus of €9.29 million on properties used for its own operations.

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Mr Mooney's property investment vehicle is EP Mooney Properties. He also owns West Park Fitness Centre on Greenhills Road in Tallaght. The motor business includes the EP Mooney showroom on the Long Mile Road, Walkinstown, as well as Volvo outlet Koping and Renault dealership Finn Reddy, which are adjacent to each other on the Naas Road outside Inchicore. He also owns Modo Cars in Finglas, which sells the Mitsubishi and Hyundai marques.

Koping was the only profitable dealership in 2004, according to accounts for that year, before the business was consolidated.

Mr Mooney declined yesterday to discuss the accounts in any detail but indicated the business was performing strongly. "Given the size of the group, its business and its interests were best served by reporting under the group structure," he said.

The accounts indicate that the consolidation was executed by way of the acquisition of subsidiary companies. Bank borrowings and guarantees, which rose to some €65.41 million from €39.07 million, were backed by fixed and floating charges over all the assets of the group. The group had €35.13 million in loans repayment by instalment and rollover facilities of €26.25 million.

Revaluations by Hamilton Osborne King and CB Richard Ellis brought the book value of the group's investment properties to €72.64 million from €35.77 million.

Arthur Beesley

Arthur Beesley

Arthur Beesley is Current Affairs Editor of The Irish Times