Profit swing at O'Reilly's Grand Canal companies

A string of companies connected to the development of Grand Canal Square in Dublin show a swing of nearly €200 million following a massive increase in valuation.

The eight companies, owned by property developer Joseph O'Reilly's Chartered Land, are developing the buildings at 2, 4 and 5 Grand Canal Square.

At the end of 2011, the accounts show, the combined losses at the companies was €127.5 million.

This had turned into a profit ...