‘We’re still delivering,’ says Mapeley director

Tuesday 25th March 2008, 2:30PM GMT.

MAPELEY is still making money despite widespread reports of considerable losses, according to its Guernsey director. The Times reported that the UK commercial property firm had suffered a pre-tax loss of £129m.

But Charles Parkinson (pictured) said the company was not in the red. ‘The figures are due to our portfolio being revalued, which was downwards in line with expectations. ‘The UK property market has been reduced across the board, but Mapeley is still a cash generating business because its income exceeds its operating costs.’

Mr Parkinson confirmed that talks were continuing with Mapeley’s major shareholder, the US hedge fund Fortress, which has bid £250m. for the firm. He also said the article was inaccurate in stating that the firm planned to increase its previous year’s dividend by 11.9% to 188p per share.