Slowdown dents McInerney’s profits

BUILDING group McInerney Holdings has reported first-half profits well below market expectations.

Shares in the group, which is exposed to the Irish housing market, lost 20% of their value by mid-afternoon and were down 37 cent to €1.45.

House completions in Ireland were down by 40% from 362 homes built in the first half of 2006 to 257 for the period under review, a fall of 105 year on year.