Airspace ends financial year €9m in the red
One of the country's best known property firms, Airspace Investments, wrote down the value of its properties and investments by €19m last year leaving it €9m in the red at the end of its financial year.
The company and its subsidiaries were led by many years by well-known developer and Cork native, Ken Rohan, before he stepped down last December when his 35-year-old son, Jamie, was appointed managing director of the business.
Ken Rohan, who turned 65 last year, remains a director and majority shareholder.
In documents just filed with the Companies Office, revenues at Airspace Investments and subsidiaries decreased sharply by 67pc from €38.5m to €12.5m to the end of November last. Operating profits at the company slumped 56pc to €5m from €11.6m. A €5.6m exceptional gain was offset by a loss of €6.3m through the writedown of 'other investments'.
However, interest payments of €3.7m last year reduced the group's pre-tax profits to €7.7m -- a decrease of 9.8pc on the 2008 pre-tax profit of €8.6m.
After the further writedown in investment properties of €12.7m, the group recognised a loss of €9m at the end of the year. This also accounted for the group last year paying a dividend of €2.5m, up from €1.9m in 2008.