Mobile phone operator Eircell made pre-tax profits of £45.5 million (€57.9 million) in the year to March 31st, almost double last year's figures.
In 1999, the pre-tax figure was £24.9 million, according to the company's latest accounts.
The accounts also reveal that Eircell chief executive, Mr Stephen Brewer, is on a total remuneration package approaching £371,000. It has risen sharply from £224,000 last year and includes pension, bonuses and other benefits.
The company is a subsidiary of Eircom the fixed line operator, which gave some of the mobile operation's top line figures on Wednesday, when it published its own annual results. However, the separated accounts, which have since become available, provide far more detail on Eircell's performance. Mr Brewer signed a new three-year contract last year. The document also shows that Eircom's chief executive, Mr Alfie Kane, holds 14,735 shares in Eircell. In contrast, Mr Brewer - who is perceived to be the driving force behind the mobile operator's success - holds just 8,237 shares. Eircom's financial controller, Mr Malcolm Fallen, holds 9,052 shares, while the company secretary, Ms Ann Donnelly, holds 11,820 shares.
As of now, the shares have no value. However, if the company is floated, these shares will take on considerable value. Eircell is an important part of the Eircom group, accounting for 22 per cent of its overall revenue.
The results show that Eircell made operating profits of £48.6 million, compared to £30.4 million last year. The company's operating expenses rose substantially - to £115.9 million in the year to the end of March, from £83.3 million the previous year.
Sales and marketing expenses almost doubled to £11 million, while administration costs rose from £103 million to £147.8 million. This is not surprising given that the company has been expanding rapidly.
Staff employed rose to 1,071, from 493 the previous year. Around 216 staff are seconded from Eircom.
The accounts also outline the group's further move into high street retailing. It acquired Western Cellular, a chain of mobile phone retailers, and Talk to Me, another retail chain. Last October, it increased its interest in mobile retailers Person2Person to 51 per cent.
