Property investment company Real Estate Opportunities has reported a pre-tax profit of €27.7m for the first half of this year, following losses of €65m in the same period last year.
The company is 35% owned by Treasury Holdings, the property group controlled by Richard Barrett and John Ronan. Former Dunloe Ewart chairman Noel Smyth has also recently built up a 10% stake.
REO's Irish property portfolio was valued at €489.4m at the end of June, and the company says the market showed a pick-up in the first six months of the year. REO says the value of some of its Irish assets increased by up to 10% over the period.
The company suffered big losses on its non-property investments last year because of the slump in stock markets.
