Operating profits at the Irish arm of commercial and residential property firm, Jones Lang Lasalle (JLL) last year declined by 62% to €1.974m.
The Dublin based Jones Lang Lasalle Ltd recorded the drop in operating profits after revenues slumped by 32%, from €23.78m to €16.16m.
According to the directors, the business has continued to trade profitably in 2021.
They state that they "are confident about the future prospects of the business".
Pay to directors last year dipped by 11%, from €5.93m to €5.27m. The €5.27m total works out at average pay of €479,454 to each of the 11 directors for 2020.
The numbers employed by the business increased from 98 to 105 last year, made up of 55 professionals; 21 in support, 18 associates and 11 directors.
The business's overall staff costs - including directors’ pay - last year declined by 27.5% or €3.72m from €13.58m to €9.85m.
The company’s pre-tax profits last year declined by 10.5% to €2.35m.
The firm’s pre-tax profits of €2.62m in 2019 took account of exceptional costs of €2.92m that did not re-occur last year.
The company recorded post tax profits last year of €1.95m after paying corporation tax of €400,000. At the end of last year, the company’s accumulated profits stood at €57.54m.
CBRE records pre-tax loss of €812,007
Separate accounts lodged by the Irish arm of commercial property services firm, CBRE, show that it recorded a pre-tax loss of €812,007 last year.
This followed CBRE Unlimited Company recording a pre-tax profit of €4.733m in 2019 - a negative swing of €5.54m.
The property firm recorded the pre-tax loss after revenues declined by 31% or €10.76m, from €34.96m to €24.2m.
The directors state that "2020 witnessed good activity levels in the domestic commercial property market".
They state that the Covid-19 pandemic has had an impact on the company and by virtue of being an island nation, the Irish market is particularly susceptible to the inability of investors and occupiers to travel to inspect opportunities during lockdown.
The report adds: "However, notwithstanding this, the directors are confident that the company can continue as a going concern owing to continued operating results, plans for the foreseeable future and ongoing liquidity available."
Numbers employed increased from 149 to 155, as staff costs decreased from €19.3m to €16.69m.
At the end of last year, accumulated profits totalled €18.6m. The company's cash funds increased from €14.5m to €17.07m.
Pay to directors last year declined by 19% from €951,597 to €772,178. The pre-tax loss also takes account of non-cash depreciation costs of €479,036.
