Lalco subsidiary sees losses of €398,000

A SUBSIDIARY of Co Galway property development group Lalco Holdings Ltd recorded pre-tax losses of €397,851 in 2009 after revenue at the firm plummeted.

According to accounts just filed by the John Lally-controlled Charmside Ltd, the company recorded pre-tax losses of €397,851 after generating revenues of €1.6m in the 17 months to the end of December 2009.

The company is in wind-down mode and the results compare to the company recording sales of €153m, mainly to connected companies, in the prior period, recording losses of €10.5m.

The directors stated it is in the final stages of a development of a mixed use development in Dublin 8.

They stated that in the prior period, it disposed of substantially all of its property assets to third parties and another group company, Sova Properties Ltd.

The directors stated they intend to complete the sale of all remaining assets as quickly as possible and expected the company to cease activity after that time.

The firm had accumulated losses of €11m at the end of 2009.

Auditors Deloitte stated that the directors have valued sites at €1.5m, which has resulted in a write down of €487,579 in the profit and loss account.

The accounts confirmed that the company’s loans held by Anglo Irish Bank were acquired by NAMA in August 2010.

The accounts show that the company’s revenues were made from sales to connected Lalco Holding Ltd companies with sales to Sova Properties totalling €61.2m and sales to Kilmainham Square Hotel Ltd of €36.1m.

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