AIRPORT AND shopping mall bookseller Hughes Hughes had profits of over €500,000 this year, the latest figures show.

Accounts lodged with the Companies Registration Office show sales at the bookshop chain grew close to 20 per cent in the 53 weeks ended March 2nd, to €31.84 million.

The company reported turnover of €31.4 million for the 52 weeks ended February 25th, 2007.

Operating profits came to €833,634 in 2008, compared to a loss of €230,087 last year.

A €282,450 interest charge on its bank loans meant the company delivered pretax profits of €551,184. Last year the company had a pretax loss of €427,600.

At the end of its financial year, net assets exceeded €2.6 million, up from the €2.18 million the company recorded on its 2007 balance sheet.

The company owed its banks €5.85 million at the end of the year. Those debts were due over various periods up to five years.

The bank loans were secured against the assets of the Circuit Line Group, of which Hughes Hughes is a part, and with specific charges over its leasehold properties and €2 million "key man" life insurance cover for managing director Tony McEntee.

It owed its shareholders €750,000, which was unsecured and carried an interest charge of 10 per cent a year.

Directors Derek Hughes, Tony McEntee and Andrew Sharkey are shareholders in Hughes Hughes's holding company, Circuit Line Investments.

The company paid its 211 staff €6 million this year in wages and welfare and pension contributions.

Directors were paid a total of €520,862. This was broken down as €16,411 for services as directors and €504,451 for services other than as directors.

The directors' report states that its management is confident that it will remain profitable into the future.

The report adds the company intends to further boost profitability by cutting costs.

The Hughes Hughes chain has outlets in the Republic's three main airports, Cork, Dublin and Shannon, as well as Heathrow and London City.

It also has a presence in a number of shopping centres in Dublin and Galway.