Temple Bar Properties Ltd made a profit of €33,352 before tax in 2002, according to accounts contained in its annual review published yesterday.The company sold six properties for a total of €1.84 million during 2002, making a profit of €273,381.

Income from estate management and other sources was €2 million, while estate management and production overheads came to €2.26 million.

The largest cost category was estate management expenditure, which came in at €1 million.

The company's fixed assets were €63.9 million and its accumulated profits were €9.8 million.

The company receives a large percentage of its income from its commercial property rental portfolio and the income received is re-invested back into the "cultural quarter". The company has moved to being a not-for-profit organisation.

Company chairman Mr Matt McNulty, in his statement in the annual review, said the company was entering a new phase. It had completed the physical redevelopment and regeneration of the Temple Bar area on time and within budget.

"Never before in Ireland has there been such a concentration of cutting-edge venues that have helped transform Dublin's credentials as a cultural capital."

Chief executive Mr Dermot McLaughlin said 2002 had been a landmark year for the company as it marked the end of a 10-year period of growth, rebuilding and regeneration of the area.

He said the company had now changed from being a property development company to being a property management company with a remit to develop and sustain "Dublin's cultural quarter".