Pretax profits last year increased by 37 per cent to €161,458 at one of the State's largest property firms, Lisney. New figures filed to the Companies Office show that Lisney Ltd recorded the increase in spite of the firm's gross profit decreasing by 6.6 per cent, from €7.4 million to €6.9 million, in the 12 months to the end of March 31st last.

The accounts show that the firm’s operating profits last year fell by 27 per cent, from €692,512 to €506,345.

A combined reduction of a provision for impairment of loans and property write-downs, down from €582,144 to €357,186, contributed to the profits increase.

The loan impairment provision fell from €432,144 to €257,186, with the property writedown down from €150,000 to €100,000.

Lisney’s operating expenses last year fell from €6.8 million to €6.5 million. A tax charge of €50,248 gave the firm post-tax profits of €111,210.

Emoluments for the 12 directors fell from €941,216 to €791,134, compared to 13 directors sharing €5.9 million in 2007.