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Construction News
03/11/2011
Retail Landlord Makes £44m Loss
Retail rental firm Corbo has reported a £44m loss between March 2010 and January.
The shop landlord company names the sale of Longwood Retail Park, Damolly Retail Park and the Marks & Spencer building on Donegall Place in Belfast as the one-off factor affecting performance.
The firm, which is owned by Sam Morrison and family, mention the sale of the three properties as a non-cash loss of £40m. They were sold for a total of £87m down in value from £127m.
The company said underlying pre-tax profit was almost £4m.
The firm's considers the results to be satisfactory with bank debt decreasing and cash balances increasing.
(GK)
The shop landlord company names the sale of Longwood Retail Park, Damolly Retail Park and the Marks & Spencer building on Donegall Place in Belfast as the one-off factor affecting performance.
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The firm, which is owned by Sam Morrison and family, mention the sale of the three properties as a non-cash loss of £40m. They were sold for a total of £87m down in value from £127m.
The company said underlying pre-tax profit was almost £4m.
The firm's considers the results to be satisfactory with bank debt decreasing and cash balances increasing.
(GK)
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