BBC News - Top property firm Corbo makes £44m loss
One of Northern Ireland's largest property firms, Corbo, made a loss of £44m in the period between March 2010 and January this year.
However, the directors said the performance reflected a number of one-off factors and that underlying pre-tax profit was almost £4m.
Corbo is a major retail landlord - its properties include the Fairhill Centre in Ballymena and the Shane Retail Park on Belfast's Boucher Road.
It is owned by Sam Morrison and family.
'War chest'
The main one-off item mentioned in the accounts is a non-cash loss of almost £40m relating to the sale of three properties.
This refers to the sales of Longwood Retail Park, Damolly Retail Park and the Marks & Spencer building on Donegall Place in Belfast.
These properties were sold for a total of £87m and the loss arises because their previous book values amounted to £127m.
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