A property firm owned by Irish crooner Shane Filan reportedly made a €6,805 loss last year.

This is in stark contrast to last year's profit of €30,000, reported by business.

Shaflin Developments, setup by the Westlife frontman and his brother Finbarr, filed the loss at Companies Registration Office, for the year ending June 2008.

This is the second loss for the firm in a three-year period. In 2005 the company reported a loss of €52,463.

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Earlier this year, the firm was given the go-ahead to develop a block of flats in Sligo, which was granted planning permission by Sligo Borough Council, despite opposition from local residents.

In the year to the end of June 2007 the company had stocks of €6.8 million down from €8.4 million the previous year.

Total bank borrowings at the end of the period were €5.7 million, down from €6.6 million in the previous year.

The loans were reportedly secured against the assets, its land in Dromahair and personal guarantees.

The accounts detail a loss in the period, as well being in a net liability situation at the year-end.

(PR/JM)