McInerney reports losses of €25m

HOMEBUILDER McInerney has reported €25 million losses for last year as it halves the value of its Irish landbank.

The pre-tax, before exceptional losses for the year ended December 2009, compares with pre-tax losses of €47m in 2008.

It completed 131 private homes in Ireland last year compared with 296 in 2008 and said low housing prices are attracting interest.