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GANNON HOMES, ONE of the largest housebuilders in Ireland, has issued a warning over its high debts despite making a profit of more than €4 million last year.
The company was founded by Gerry Gannon, one of the country’s highest-profile developers during the Celtic Tiger.
New accounts for the firm show that its turnover was €35 million in the year to the end of December 2016, up from €29 million in 2015.
After cost of sales and administrative expenses were accounted for, the firm made an operating profit of €7 million, up from €5.5 million.
When interest and taxes were subtracted, the business made a full-year profit of €4 million, up from just over €3 million the year before.
While the company is profitable, the millions it earned barely made a dent in its overall liabilities, which amounted to €121 million at the end 2016. It had net assets of €62 million at the time.
Liabilities
The directors’ report said that the firm is confident that it will remain profitable in the foreseeable future, noting the high demand for new homes. However, it noted that the high levels of debt casts a shadow over the company.
“The difficult economic within the Irish property market led to the net liabilities position of the company,” it said.
“While these conditions show signs of improving, there remains the risk that the value of the company’s main assets will not recover enough to pay the related debt.”
Gannon Homes’ loans are controlled by state bad bank Nama, which took over the developer’s borrowings after the property market collapsed.
“The directors are confident that Nama will continue to provide financial support for the company for the foreseeable future,” the company report said.
“With this support they are satisfied that the company will continue as a going concern.”
Gannon Homes has been behind many large housing developments in the capital over the past three years or so.
It hit the headlines in 2014 when prospective buyers camped outside its Millers Glen development in Swords, hoping to secure a new house.
Written by Paul O’Donoghue and posted on Fora.ie
WOW, all the pro-Chinese t-ro-lls already on here……..
I just read an utterly insane comment that HK protestors should be thankful they’re not facing the NYPD?!!
Just how blind to China’s, literal, decades long abuses of human rights do they think we are?
@Tricia G: the 50 cent army is always around for these articles to spout their muck.
It’s both Full Moon
@Seriousnojoke: You mean all those people being kettled in Causeway bay by Police right now?
@Seriousnojoke: You think people in HK should consider themselves lucky because they are not dealing with NYPD. I disagree, Hong Kongers are lucky because the CCP have been kind not send them to concentration camps like the have for the Uyghurs in mainland China.
@Seriousnojoke: Pro-PRC troll.
@Seriousnojoke: LMFAO
@Seriousnojoke: You are a CCP pansy. The police harrassed a senior citizen for carry a yellow balloon ffs and charge groups of people who gather to cross the street at crossings, then arrest minors for baseless charges. Reading an Apple daily publication gains you the attention of police, like the guy alone in the MTR surround by 12 or more police while he read the paper.
@Seriousnojoke: propaganda troll for the CCP.
@Little Pudding: “the CCP have been kind not send them to concentration camps like the have for the Uyghurs”
Give them time!
Move to Taiwan and report from there instead. That will really pi*s off the CCP.
25 years ago, I was worried about China for all of us…. kept saying that in several debates… here we are….
Apple Daily, full lies, bias views or opinions, we call it as poison Apple, just like Fox News, other media debunks their lies and nobody’s cares.
In hk, the journalist was cheap, just pay €25 that is all. The most time they have tons of “journalists” standing between police and riots, literally standing between them. The police couldn’t do their job, just like mosquitos, so annoying. One of the photo i’ve see is one police hold smoke grenade gun standing at the corner and aim, that is all on hk media, but the full photo is about 50 journalists around him and taking photo of him, who cares about that?
Denzel Washington said if you read the newspaper, if you don’t read it, you’re misinformed, What is the long-term effect of too much information? One of the effects is the need to be first, not even to be true anymore.”
So what a responsibility you all have; to tell the truth, not to just be first, but to tell the truth.
“We live in a society now where it’s just first. Who cares? Get it out there. We don’t care who it hurts, we don’t care who we destroy, we don’t care if it’s true. Just say it, sell it.”
Harrow
I had a comment deleted because I was critical of journalists and their of of the tv licence scam
have your say