| 18.4°C Dublin

Property group's golf club posts loss

CASTLEKNOCK Golf Club was one of seven Monarch Properties companies to record a loss last year.

The Dublin-based golf club recorded a loss of €137,027 in the 12 months to the end of April last year, according to accounts just filed with the Companies Office. It compares with a loss of €355,957 in 2011.

Monarch Properties recorded a loss of €649,513 last year. The north Dublin-based property development group has built many of the country's largest shopping centres, including The Square in Tallaght along with centres in Dundalk, Drogheda, Navan and Athlone.

According to a note attached to the accounts of Monarch Properties Holdings Ltd: "The directors have reviewed the recent downturn in the financial and economic environment and are aware of the market conditions in which the company now operates.

"In this context, they have reviewed the carrying value of debtors and have revised their carrying value to what, in the opinion of the directors, is their current open market value."

Irish Independent