Real estate company Blackrock International Land said the value of its assets fell in the first half as property prices in Ireland and the UK declined.
The value of the company's net assets in the first half of the year fell 5.1 per cent to €218.5 million, the firm said today. It claimed that the decline reflected "changed market conditions" in addition to the euro's strength during the six months.
When the negative foreign exchange impact was discounted, net assets fell 3.5 per cent.
"In the context of the changed property market environment, Blackrock has delivered a reasonable performance in the first half of 2008," said company chairman Carl McCann. "Progress has been made in adding value to several of the Group's significant development properties. However, this has been offset by lower valuations in other elements of the company's portfolio."
The company reported a first-half net loss of €9.3 million compared with a profit of €9.5 million a year earlier.
Additional reporting: Bloomberg