Pretax profits at the Point, the Dublin music venue, surged to €32.1 million from €3.2 million in 2006 on the back of a land sale, according to company accounts just filed. The company behind the venue, Point Exhibition Company, recorded a pretax profit of €30.2 million from the property sale, paying capital gains tax of €5.91 million on the transaction.

Property developer Harry Crosbie holds 50 per cent of the shares in the Point company with US entertainment giant Live Nation holding the other half.

Crosbie owns the 12 acres around the venue on which he is planning to build a €800 million residential, retail and office scheme. The music venue is being renovated as part of the project. According to its 2006 accounts, operating profit at the music venue dropped by almost 77 per cent to €1 million, while turnover decreased by almost 7 per cent to €8.7 million during the year.

After-tax profit for the year came to €25.8 million, while the Point had retained profits of €29.7 million at the end of 2006. Both figures were boosted during the year by the land sale.

The company had cash of €31.6 million at the end of the year, up from €1.8 million the previous year, following the property deal. It paid a total of €6.3 million in tax during the year. The number of staff employed at the venue fell from 116 to 111 during the year, while staff costs dropped from €2.8 million to €2.5 million, according to the accounts.

Among the artists to play at the venue last year were pop singer Christina Aguilera and Bruce Springsteen.

Crosbie and Live Nation received no dividend from Point Exhibition Company last year, according to the accounts; €2 million was paid the previous year.

The Point closed during the summer for the redevelopment and will reopen in late 2008. The capacity of the venue is being increased to accommodate 15,000 people, up from its current level of 8,000. The venue is being turned into a more intimate venue styled on a Roman amphitheatre which will mean audience members will be closer to the stage.