Blackrock International Land, the property group which was spun off from Fyffes last year, yesterday revealed profits of €13.9 million and raised its forecast for further investment to €1 billion over the next four to five years.

In its maiden results - the company started trading in May last year - Blackrock said that its gross property assets grew by 87 per cent and, as of the end of December, stood at €369 million. Transactions since the year end take the investment to €397 million, it said.

Net rental income was €3.8 million, while net assets at the end of the year were €220.9 million, 6.8 per cent ahead of when the company started out.

Blackrock's chairman, Carl McCann, welcomed the figures, saying that, including the transactions announced but not yet completed, the group's assets had doubled since the start of operations. "We are very pleased with the results to date," he said.

Analysts also welcomed the figures, which came in more-or-less in line with expectations. However, what surprised one analyst, who spoke on condition of anonymity, was the rate at which the group had managed to do deals.

He also expressed some surprise at the overall spending plan, saying that, given the success so far - at €181 million between May last year and February, spending was only €20 million short of the target set for a two-year period - a further €200 million over the next one to two years seemed reasonable, but €1 billion over five years could be ambitious. He said that as the company became better known it might struggle to secure so many attractive deals.

However, analysts are in no doubt that the group's property portfolio contains some valuable assets, which it may seek to develop or sell on for a profit.

Despite ending the day unchanged, Blackrock's shares were in demand, with 24 million units changing hands.