One of the main holding companies in the property group owned by developer Johnny Ronan last year recorded a pretax loss of €30.34 million.
Accounts filed by Ardquade Ltd show it recorded the loss chiefly as a result of a non-cash writedown of €25.48 million in the value of its investment property portfolio, along with exceptional costs of €4. 9 million.
The pretax loss of €30.34 million followed a pretax profit of €1.8 million in 2019.
The business’s revenues last year increased 6 per cent from €21 million to €22.3 million.
Ardquade’s revenues comprised €11.9 million in rent, management fees of €6.2 million, other income of €2.73 million and development cost recharges of €1 million.
The group last year recorded an operating loss of €15.68 million, and net interest payments of €16.46 million contributed to the pretax loss of €30.34 million.
The directors said Covid-19 had no material impact on the group’s operating activities. They noted the company was continuing to collect its rental and management fee income in full and service the interest on all its facilities.
The directors expect this to continue in the coming year, expressing optimism that a lifting of restrictions and attendant uplift in economic activity will see retail property values rebound.
Pay to directors last year more than doubled from €598,221 to €1.35 million, composed of pay of €1.3 million and pension contributions of €51,337.
The group, which holds the personal business interests of Mr Ronan and members of his family, had net assets on its balance sheet of €7.3 million at the end of last December.
Ardquade-owned investment properties were valued on its books at €203.5 million. The business owes credit institutions €191.9 million with interest and a term to January 2022, and owes €14.36 million to directors that attracts no interest.
Directors expect the new lending facilities to be in place for the coming year.