Blackrock International Land, the Fyffes spin-off property company, has reported pre-tax profits of €13.1m for the year to the end of December 2007, down from just over €19m in 2006.
The company added that it did not expect significant asset growth in the first half of this year. Property markets in the UK and Ireland are expected to see a slowdown in activity in 2008.
'While allowing for further value enhancing activities which will continue to receive priority this year, it seems prudent not to assume any significant net asset growth in the first half of 2008 at this stage,' the company said.
Blackrock said its net assets increased by 4.2% during the year to €230.3m. The company spent a total of €140.7m on investments in 2007, while property sales amounted to €38.4m.
Some of the company's key investment deals during the year involved properties in London, Brussels, Milton Keynes, Edinburgh and Amsterdam as well as several sites in Dublin. Key sales included buildings in the Netherlands and the sale of the former Edinburgh Fruit Market.
Blackrock said that its net rental income for the year amounted to €13m, up from €3.8m in 2006.
Blackrock chairman Carl McCann said the group delivered a positive performance for the year to end December.
'This result reflects the group's successful development activity during the year and the sectoral and geographic diversity of its property portfolio,' Mr McCann said.
In a separate release this morning, Blackrock announced that it has been selected by Dublin City Council as the preferred bidder for the redevelopment of the Market Area in Dublin city centre.
The area covers about three acres near the Four Courts.
The project comprises a new open air plaza surrounded by a covered food market, restaurants and bars, retail and office space as well as new houses and a new community centre.
Blackrock is forming a new joint venture for the project called the Markets Regeneration Consortium, which is 50% owned by the company and 50% owned by the Linders and Kelly families.
Shares in Blackrock closed down one cent at 33 cent in Dublin.
