Profits more than trebled last year at Manor Park Homebuilders, the construction firm in which DCC has a major stake.
The latest accounts filed with the Companies' Registrations Office show that, in the 12 months to the end of March 2004, turnover grew by more than 50 per cent to €111 million, from €72.7 million the previous year.
The cost of sales grew just less than 40 per cent to €77 million from €56 million, while administrative expenses fell to €5.5 million from €6.3 million.
The company recorded €28.3 million in operating profits for the period, 180 per cent ahead of 2003, when it posted operating profits of €10 million.
The purchase and subsequent sale of a stake in another company, Mistron Ltd, earned Manor Park almost €1.3 million in investment income, compared with €20,000 the previous year.
This virtually covered its interest bill for the year, which grew slightly to €1.4 million from just over €1.3 million in the 2003 accounting period.
Manor Park posted €28.3 million in pre-tax profits for 2004, three times the €8.8 million recorded in 2003.
After-tax profits stood at €24.7 million, compared with €7.1 million.
The company did not pay any dividend to shareholders, who include industrial holding company DCC, which owns 49 per cent of the business.
Fruit importer Fyffes is currently suing DCC and its chief executive, Mr Jim Flavin, for insider trading.
Mr Flavin is a director of Manor Park as is another well-known businessman, Mr Joe Moran.
Mr Moran holds 49,500 shares in the company.
Its balance sheet shows that shareholders' funds stood at €52.7 million, almost double the €27.8 million recorded in 2003.
The figures also show that it had €17 million in the bank at the end of March 2004, compared with €2.6 million a year earlier. Stocks had grown to €109 million from €66 million.
Land accounted for more than €80 million of the stocks recorded.
Manor Park bought disgraced former Taoiseach Mr Charles Haughey's north Dublin property at Kinsealy.
The deal did not include the 17th century house on the estate in which Mr Haughey is still resident.
