Property investment vehicle Blackrock International Land has reported a full-year pretax loss of €78.8 million on the back of a decline in its net asset value (NAV).
The company, spun off from fruit importer Fyffes in 2006, said its NAV declined 34.9 per cent or by €80.4 million to 25.71 cent from 39.48 cent a year earlier.
Blackrock International Land said gross rental income grew by 13.9 per cent to €17.8 million although its cash position deteriorated to €6.98 million.
The strength of sterling against the euro towards the end of 2008 had a negative impact of €5.7 million.
Excluding the impact of foreign exchange, the value of the group’s property portfolio declined by 17.5 per cent or €77.1 million to €340.3 million.
Carl McCann Blackrock International Land said the: “decline in the property markets in 2008 reflects the impact of the economic downturn. As a result, Blackrock’s market capitalisation has fallen significantly below its net asset value.”
