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.