Ballymore's pre-tax losses widen to €222m on write-down
Pre-tax losses at the Irish based international arm of Sean Mulryan's Ballymore Developments increased 51pc to €222m last year.
New figures show pre-tax losses at Ballymore International Developments Ltd (BIDL) and subsidiaries increased after the group wrote down €140.6m on its largest core property assets last year, which followed a writedown of €66.6m in 2011.
Revenues at the group from residential sales, rent and hotel income in continental Europe declined 13pc to €58.6m. Accumulated losses stood at €565.2m by the end of December.
Chairman Sean Mulryan said: "The directors believe the lack of large-scale development financing means it is unlikely that the group's core assets will be developed to completion by BIDL in the short term."
The accounts show that BIDL had loans to banks and NAMA totalling €279m last December. That's 52pc of BIDL's bank debt and means NAMA is a major stakeholder in BIDL.
On the impairments, Mr Mulryan said: "While the group development properties continue to have excellent development potential and planning permits for such development are likely to be achieved in 2014, the directors are of the view that the group is unlikely to be in a position to raise the finance in the short term to develop out the assets and generate the returns associated with such development activity."