Outsourcing firm Mapeley has delivered a pretax profit of £74.3m for the year after being boosted by equity from discontinued operations.
The profit in the year to December 2012 from the UK’s largest landlord compares with a loss of £103.2m the previous year.
However, the company is still making an operating loss and its cash in the bank in controlled accounts has dwindled from £47.7m to £29m during the year, and cash for operational purposes had dropped from £86.2m to £39m.
Over the past 12 months the company has lost control of a number of its assets, including its £115m Delta portfolio, which went into receivership after Mapeley breached its loan-to-value covenant.
In January, its £134m Beta portfolio entered receivership.
