House-builder Abbey posted a pre-tax loss of €54.4 million for the year ended April 30th, compared to a €16.8 million profit 12 months earlier.
Group operating losses during the year were €55.6 million against a €15.1 million profit the year before.
Abbey said it sold 467 homes in the 12-month period, of which just 129 were in Ireland. Turnover from the group's housebuilding operations totalled €85.7 million generating an operating loss of €53.9 million.
The company said that it had struggled to maintain reasonable sales volumes in Ireland, particularly outside of Dublin.
Abbey said that house sales in Britain were broadly in line with expectations, however, it added that "significant discounting" was necessary to support sales. It added that while sales have improved in recent weeks, overall market volumes remain low.
The house-builder said that while it was in a good position to take advantage of any opportunities that arise it doesn't expect conditions to improve dramatically in the near future.
"The outlook is unclear. Group turnover for the year ahead is likely to fall again with declines in the UK and Ireland not outweighed by a first time contribution from the Czech Republic. Prospects for a return to meaningful profitability are wholly dependent on the successful sourcing of new opportunities to build and sell houses at a profit. This will inevitably take time," the group said in a statement.
