KELLAND GROUP, one of Dublin’s largest housebuilders over recent decades, reduced its losses by two-thirds last year.
Abridged accounts just filed to the Companies Office show the group, founded by now-deceased Paddy Kelly, recorded a loss of €6 million for 2010, which compared to an €18.9 million loss in the previous 12 months.
The result means Kelland saw its shareholders’ funds fall from €21.7 million to €15.7 million over the course of 2010. Shareholders’ funds at the start of 2009 had stood at €54.6 million, before commencing a decline of 71 per cent over the following two years.
The 2010 accounts show that KBC Finance held a charge on deeds to a number of unspecified properties owned by the group. It had no work in progress during the year, while debt due within 12 months increased by 71 per cent to €4.6 million over the period.
The company’s directors and owners, Mary Kelly, Patrick Kelly jnr and Liam Creighton, made no comment on Kelland’s performance. Paddy Kelly, the firm’s founder and long-established Dublin developer, died at the start of this year.
Accounts for connected company Kelland Homes, also for 2010, show just a slight dip in shareholders’ funds, from almost €20 million to €19.4 million. This came as the firm, owned by the Kelly family, cut its losses for the year from just shy of €10 million in 2009 to €580,000.
