Loss of €32m at property company

THE main property company of one of the country’s best-known developers and hoteliers, Jerry O’Reilly, incurred a loss of €32 million in 2009 as a result of loan write-offs and property write-downs.

Accounts just filed with the Companies Office show that Jeremiah O’Reilly & Associates incurred a loss of €32.1m in the 12 months to the end of December 2009.

A note to the accounts explains that the company incurred the loss having impaired the value of property-related assets and having written off parent and related company loans.