Blackrock reports loss of almost €8m as property downturn bites

BLACKROCK International Land, the property development company spun off from Fyffes two years ago, has reported a pre-tax loss of a little less than €8 million for the first half of 2008, down from a profit before tax of €12.16m for the same period last year.

Rising interest rates, increasing credit constraints and reduced levels of economic activity in Ireland and Britain — Blackrock’s core geographical markets — were to blame for the €7.96m loss. The company also recorded a loss per share of €1.60 for the first six months of this year, compared to earnings per share of €1.62 for the first half of 2007.

Nevertheless, the company was putting a positive spin on matters yesterday saying that it was a reasonable performance given the way market conditions have gone in recent months.