Electrical and furniture retailer Harvey Norman has reported a loss of A$19.8 million (€10 million) in its Irish units and written off A$17 million (€8.6 million) in the value of plant and machinery here.
During the six-month period to the end of December sales at the 14 Harvey Norman stores in the Republic declined by 6.3 per cent or €4.9 million.
The company said this was offset by sales from its two new stores in Northern Ireland.
Harvey Norman chairman Gerry Harvey said the retailer remained committed to the Irish market but said there appeared to be no reason to believe trading conditions in Ireland would improve in the near future.
The Harvey Norman Group reported a 57 per cent fall in first-half profit on falling consumer confidence and increased competition.
Net income fell to A$99.3 million (€50.5 million) from A$230.1 million (€117 million) a year earlier.