PRETAX PROFITS at online group Daft Media Ltd last year increased by 25 per cent to €2.18 million, new accounts show.

The group operates property website Daft.ie. Its accounts also show that pretax profits were hit for the second year running by a writedown of its investment in the firm that operates community website Boards.ie. Daft Media Ltd took a majority stake in Boards.ie Ltd last year by investing an additional €1.35 million to bring its stake in the firm to 71 per cent.

Daft Media Ltd had invested €999,750 to acquire a minority stake in Boards.ie in 2008. The accounts show Daft wrote down its investment in Boards.ie by €428,000 last year, following a writedown of €749,750 in 2008.

Established in 1997 by brothers Eamon and Brian Fallon, Daft Media Ltd’s revenues last year increased by 6 per cent from €5.7 million to €6.1 million.