Losses at building firm rise to €143m

Losses at the main construction firm controlled by one of the country’s best-known developers, Gerry Gannon widened last year to €143m.

Accounts just filed by Gannon Homes Ltd for 2012 show the firm’s accumulated losses increased by €1.2m, going from €141.82m to €143.08m.

According to a note with the accounts “it is the intention of the directors, with the support of NAMA, to maximise the value of the company’s assets through the holding of assets for sale in the medium to long term, when market sentiment improves”.