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TBCT writes off f5m

TEMPLE Bar Cultural Trust wrote €5m off the value of its investment properties last year but the company's operations continued to make a profit.

Accounts show that it had income of €2.2m in 2010, which was in line with the previous year.

At the request of Dublin City Council, the company's only shareholder, the trust's 28 investment properties were revalued last year.

The exercise, carried out by the council's chief valuer, resulted in the company writing down the value of the properties by €5.4m to €9.4m.