Developer slashes losses as revenues double

A doubling of developer Michael Cotter’s Park Developments’ Irish revenue last year led to pre-tax losses narrowing sharply to €844,300.

Figures show that Park Developments (Dublin) Ltd reduced its losses from €38.4m to €844,300 after revenues across Ireland and the UK increased by 26% from €68.6m to €86.7m in the 12 months to the end of December last.

The chief factor behind the hefty loss in 2011 was a combined €30.6m write-down made up of €25.7m written down against stocks and work in progress and a €4.9m write-down in development land.