Losses rise for building group

LOSSES continued to mount at the group operated by Limerick timber tycoons, the McMahon family, last year, as pre-tax losses at the group totalled €6.2 million.

Documents just filed with the Companies Office by Derevoya Holdings Ltd and subsidiaries show the €6.2m loss followed a pre-tax loss of €6.6m in 2009.

The filings show that the company recorded the loss in the 12 months to the end of December last after revenues at the group declined by 12% from €77.2m to €67.7m.