John Paul Construction profits plunge 64% to €3.1m

PROFITS before tax at John Paul Construction, one of the country’s largest building firms, plunged 64% to €3.1 million last year.

The company said however that despite the sharp fall in profits it will remain profitable this year.

According to accounts just filed the company’s directors said the 2008 financial year was a “challenging year” for the group due to a difficult economic climate and a shrinking market.