Mulryan firm lost €58.8m over two-year period

A SEÁN Mulryan-controlled house-building firm recorded combined losses of €58.8 million last year and in 2009, new accounts confirm.

Ballymore Residential Ltd is one of a number of Mr Mulryan’s Ballymore companies that have had its loans transferred to the National Asset Management Agency (Nama).

The accounts, just filed to the Companies Office, show that in spite of the losses, the company paid a combined dividend of €140,748 to its shareholder, the Isle of Man-based, Ballymore Ireland Group Ltd.

During the two-year period, the accounts show that Ballymore Residential Ltd recorded a pretax loss of €45.9 million to the end of March last year and this followed a pretax loss of €12.9 million in 2009.

The filings show that the company’s turnover declined from €6 million in 2009 to a deficit of €780,898 in turnover last year.

The negative turnover is attributed to project management income last year of €3.2 million.

This compares to the company recording revenues of €96.4 million in 2006 at the height of the building boom.

The loss last year is mainly attributable to the company writing off €39.6 million owed to it by group companies. The directors state that the recoverable amount from related parties is subject to uncertainty due to the property market conditions and the directors deem it prudent to make the provision.

The company had accumulated losses of €34.6 million at the end of March last year.