Shannon Development losses hit €17.2m

PRE-TAX losses at state agency Shannon Development last year increased three-fold to €17.2 million due mainly to the collapse in the property market.

In its 2009 annual report published yesterday the accounts confirm that its pre-tax loss increased by 233%, from €5.1m in 2008 to €17.2m to the end of December last.

The directors’ report states that the company has operated a self-financing model since the 1990s primarily based on using revenue from its property base to fund its day-to-day operations and economic development projects.