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Property outsourcing company Mapeley has reported a £53 million loss for the first half of this year.
The firm, which acts as landlord to HM Revenue and Customs, has seen its value slashed by £36 million to £526.8 year on year.
Announcing its half-year profits chief executive Jamie Hopkins was upbeat:
He said: "Our solid performance reported at the end of the first quarter has continued throughout the first half of the financial year."
The company owns 279 Revenue and Customs' facilities around the country and receives 92 per cent of its annual rental income from them, the Times has reported.
Mapeley was awarded its government contract in 2001 and went on to secure further deals with Abbey and IPS.
The sale of Ministry of Defence land at Chelsea Barracks in central London is one of only a few recent lucrative commercial property deals.
An overseas consortium paid £900 million for the plot, which is to become luxury flats.
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