McNamara's airport joint venture moves into the red
Published 19/01/2010 | 05:00
A JOINT venture between Dublin Airport, Bank of Scotland and Bernard McNamara's chief company has gone into the red. Auditors described the value of its assets as "subject to significant uncertainty".
These include a large business park near Cork Airport. Despite the slump in the property market, the company decided that none of its assets were currently impaired.
Directors include Mr McNamara and the financial controller of the Dublin Airport Authority, Ray Gray.
The company made an operating profit of €673,230 in 2008, but interest payments left it sitting on a pre-tax loss of €586,342.
Dublin Airport Authority is understood to be unconcerned about questions over the capital value of the assets, as the company still benefits from a rent roll and had shareholder's funds of €6m at year end.
A stake in the company is held by the construction company, Michael McNamara & Co, of which Bernard McNamara was until recently the executive chairman.
Brooklyn had properties worth €30.9m during the year, but the accounts state: "The valuation and realisability of these assets is subject to significant uncertainty in light of current market conditions."