McInerney Holdings report profit decrease
Construction company McInerney Holdings PLC has announced a downturn in profits for the first six months of this year.
The Group reported a profit before tax of €11.0m for the period ending June 30 which compares to €16.6m for the corresponding six month period in 2004.
This reflects the change in pattern of site starts and certain one-off factors in the first half of 2004, including the disposal of the Eyre Square Centre in Galway.
Group turnover was €171.2m representing an increase of 8.2%. Basic earnings per share were 27.68 cent, compared to 43.90 cent for the same period in 2004.
Chairman Ned Sullivan said: "The Directors are satisfied with this performance and demand is robust across all of the Group’s markets. Both the Irish and UK housing businesses are significantly forward sold for the latter half of the year and the Group anticipate a strong overall result for the full year and to enter 2006 well positioned."
