Property developers Blackrock International Land has announced pretax profits of €12.2 million.
The company started operations in May last year and has seen an increase in net assets of 11.2 per cent since its commencement. Net assets increased to €230.4 million - up by 4.3 per cent in the first half of this year.
The company's gross rental income was €7,643,000, up from €861,000 in 2006. Property outgoings were €998,000, resulting in a net rental income of €6,645,000.
Net assets per share at June 30th, 2007, were €39.49 cent compared to €35.53 cent on commencement in May 2006.
The company has invested in property in Brussels, London, Co Dublin, Milton Keynes and Edinburgh during the first six months of this year, bringing total aggregate investment to €56.6 million. Total investment since the company's commencement stands at €209.5 million.
The company stated that it intends to further its expansion with a further €200 million in investments over the next two years.