Barratt Developments chief executive Mark Clare has received a pay rise of almost £600,000 – despite the house builder making a loss of £130m in the year ending 30 June 2010.
Its revenue shrank 10% and the firm is still labouring under a debt of £366.9m.
According to Barratt's annual report, Clare was paid £1.42m during the year, compared to £847,000 in the previous 12 months, with a base salary of £630,000 and a bonus of £568,000.
In the new financial year, his base salary will increase by 2% and the maximum bonus he will be able to receive will rise from 100% of his salary to 150%.
Clare received no bonus or salary increase in 2009, when Barratt posted a loss of £679m and was forced to make a £720m cash call to shareholders.
Bob Davies, chairman of the house builder's remuneration committee, said he had approved a company wide 2% salary increase "in order to motivate and retain staff".
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