Noonan Group reports €16.3m pre-tax losses

PRE-TAX losses at Dublin-based construction group, the Noonan Group, last year totalled €16.3 million following an impairment charge of €10.7m.

According to accounts recently filed with the Companies Office, they show that Noonan Group Holdings Ltd’s losses increased sharply from €97,078 in 2009 to €16.3m in the 12 months to the end of September 30 last year.

The directors’ report confirms that in October of last year the group’s loans were transferred to the National Assets Management Agency (NAMA). The Dun Laoghaire based-group recorded the losses after its revenues plunged from €10.6m to €2.7m. It has bank loans totalling €40.7m.