Property investment company Blackrock International Land has reported pre-tax losses of almost €8m for the first half of the year, as the underlying value of its portfolio dropped. The loss comes after a profit of more than €12m in the same period last year.
The value of its net assets fell by almost €12m during the six months, to €218.5m, hit by the slump in the property market and the strength of the euro. The value of a number of its UK properties fell.
Chairman Carl McCann described the performance as 'reasonable' in the current market, adding that its property assets had the potential to deliver significant value in the future.
Rental income rose from €7.6m a year earlier to €9.2m. No dividend will be paid.