Edinburgh City Council's property development arm, the EDI Group, recorded a pre-tax profit of £2.8m for the year ended 31 December 2006, according to accounts posted with Companies House yesterday.
The figure more than doubled last year's performance of just over £1.3m. Group turnover however, dipped slightly to £5.6m, from £5.7m in 2005.
The EDI board also approved a £4m dividend relating to the continuing plan to release £15m through asset disposals and refinancing in order to help the authority meet an estimated £33m bill for backdated equal pay claims by staff.
Net asset value climbed from £44m to £51.3m and the company ploughed a further £6.15m back into the council's coffers in the form of a dividend, up from £750,000 in the previous 12 months.
Commenting, EDI Group chairman Ian Perry said: "Our shareholder (the council), in order to meet exceptional calls upon its finances, has requested additional income during 2006, and the considerable success of the EDI Group over the last years allows us to meet their needs whilst taking forward our development programme."
The highest paid director saw his pay rise from £123,000 to £147,000.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article