Firm’s landbank value down 96.5%

A Cork building firm has written down the value of its landbank by 96.5% or €144m contributing to losses of €130m over the past two years.

Accounts just filed with the Companies Registration Office by Murnane and O’Shea Ltd for 2011 and 2010 show that the firm recorded a loss of €8m last year that followed a loss of €121.9m in 2010.

The figures show that the loss sustained in 2010 arose mainly from a €100m impairment on the company’s landbank that year.