Losses at Ballymore soar to €222.1m

Pre-tax losses at the international arm of Sean Mulryan’s Ballymore Developments increased by 51% last year to €222.1m.

The chief factor behind the loss at Ballymore International Developments Ltd (BIDL) was a writedown of €140.6m on its largest core property assets last year after a write-down of €66.6m in 2011.

Revenues — consisting of residential sales, rent and hotel income from continental Europe — declined 13% to €58.6m.