Company Snapshot: Donegall Place Investments Ltd.
Property firm in £26m pre-tax loss
Published 05/06/2012 | 08:00
Donegall Place Investments is a large Northern Ireland controlled property businesses which has interests in property development and trading, along with holding property investments to earn rental returns.
The property portfolio includes assets outside Northern Ireland. The registered accounts include the consolidated results for its wholly owned subsidiary, Bow Street Mall in Lisburn.
Over 90% of the main turnover comes as rental receipts on leased property.
In addition, Donegall Place Investments is a 50% partner in another property company, Merset Properties.
A joint venture in Dermot Developments is, at the end of the year, no longer trading and loans to that company have been written out of the accounts.
The operating results for Donegall Place Investments show a loss in the most recent registered accounts of £13.4m. This operating loss is the consequence of an exceptional charge of £24m following impairment charges of £7.5m, a write-off of loans of £11.5m and provision to honour a guarantee of £5m. Without the exceptional items, operating profit would have been £10.6m which was £4.4m less than the previous year.
The exceptional charge of £24m and a profit on the disposal of discontinued operations of £4.1m are then reflected in the pre-tax results where a loss of £26.2m was registered.