Ballymore Properties slumped to a £224m loss for the year ending 31 March 2010, its accounts reveal
Turnover plummeted by more than half, down to £115m from £270m in 2009.
The Irish property group, with numerous high-profile London developments, has been hit hard by the property crash, with the majority of its bank borrowings under the ownership of Ireland’s National Asset Management Agency.
In its accounts Ballymore said its future depended on NAMA’s approval of a seven-year business plan, which is in the final stage of assessment.
The plan sets out provisions for refinancing, joint ventures and disposals of non-core assets. The directors said they were confident NAMA would approve the plan.