Docklands body will require Government assistance
Thursday November 26 2009
Dublin Docklands Development Authority has posted a loss of €213m for 2008 from a profit a year earlier after writing down the value of land.
The state-owned authority needs assistance from the Government to complete its projects, Chairman Niamh Brennan said in an e-mailed statement today.
The loss compares to a year earlier profit of €3.7m. Revenue fell 18pc to €30.7m.
The authority said it wrote down the value of land by €186m after the implosion of the property market.
It said the value of a 25-acre site in the docklands bought with property developers Derek Quinlan and Bernard McNamara in 2006 had fallen to €50m at the end of 2008. The site was bought for €412m in 2006.
“The financial challenge posed to the authority by the collapse of property values will require ongoing work as we have to adjust to what will essentially be a new business model,” Brennan said. Last year was “exceptionally difficult.”
- Louisa Fahy and Ian Guider
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