Property investment group sees its assets fall by €30m

PROPERTY investment group Balmoral International Land saw the value of its net assets fall further last year, albeit at a much slower pace than the previous year.

The Fyffes property spin-off — formerly known as Blackrock International Land — said yesterday the value of its group net assets fell by €30.3 million to €30m in 2010, “due to further reductions in valuations”.

In comparison, in 2009, Balmoral’s net asset value fell by €89.8m, to €60.3m. The 2010 figures also showed a pre-tax loss for the company of €29.4m, compared to a loss of €105.4m in 2009. The loss per share was reduced from 15.39c to 5.17c and net rental and related income increased from €13.6m to €14.7m.