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.

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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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