#TITANIC - Titanic Island, the company at the head of the consortium developing Belfast's Titanic Quarter, made a pre-tax loss of £20 million (€25 million) in 2011, as BBC News reports.

Much of this has been attributed to a one-off payment of £13 million (€16.25 million) to the charitable trust that owns the new Titanic Belfast visitor centre on the shores of Belfast Lough.

The company's directors described the opening of the tourism hot-spot as the "tipping point" for the development and that "the pieces are in place" for the Titanic Quarter to become one of Ireland's most important commercial hubs.

Meanwhile, Titanic Island is in discussions with Ulster Bank about restructuring its loan support, which the firm's auditors say is essential if the development is to continue.

BBC News has more on the story HERE.