Accounts recently filed show that Ballymore Properties Ireland, part of property developer Seán Mulryan's Ballymore Properties, made a pre-tax loss of €10.9m in the year to the end of March 2009.
This was little changed from the €10m loss reported in the previous financial year. Turnover slumped, however, from €15.9m to €4.4m.
The accounts also show that pay to directors at the company was more than halved to just under €4.7m for the year.
A note in the accounts from auditor KPMG said the company's ability to continue as a going concern was largely dependent on the continued financial support of its parent company Ballymore Ireland Group. KPMG said the parent company had indicated that it would continue to provide funds to enable Ballymore Properties Ireland to meet its obligations. The auditor added that the company's liabilities exceeded its assets.
