The Monarch Properties group lost almost €2.95 million last year as seven of its businesses struggled for profit.

That included a loss of €137,027 at Castleknock Golf Club in the 12 months to April last year. However, that figure marks a substantial improvement from the €355,957 loss reported by the club in 2011.

The north Dublin-based development group has built many of the country’s largest shopping centres, including The Square in Tallaght, along with centres in Dundalk, Drogheda, Navan and Athlone.

According to a note attached to the accounts of Monarch Properties Holdings Ltd, “the directors have reviewed the recent downturn in the financial and economic environment which has occurred and are aware of the market conditions in which the company now operates.

“In this context, they have reviewed the carrying value of debtors and have revised their carrying value to what in the opinion of the directors is their current open market value. The company has reviewed its cost structure in light of the downturn in the economy and the construction sector with a view to improving open market value.”