By Christian Moess Laursen
Glenveagh Properties said its pretax profit slid as expected in the first half of the year, primarily dragged by lower urban revenues and higher financial costs, and backed its full-year guidance.
The Irish home builder said Thursday that its pretax profit fell to 1.4 million euros ($1.5 million) in the half-year from EUR13.0 million a year prior,.
Revenue fell EUR171.6 million from EUR200.0 million, mainly on a 44% decline in urban revenue to EUR61.9 million. This was partly offset by suburban revenue rising 23% to EUR109.7 million on suburban completions increasing 33% to 333.
Earnings per share fell to 0.21 European cents from 1.32 cents, while the company backed its full-year view for EPS of 7.5-8.0 European cents.
The company continues to see a positive long-term demand outlook for the Irish residential housing market, with strong private demand underpinned by a robust economic environment, a fast-growing population and supportive demand-side initiatives from the government, it said.
Net debt is expected to reach 10%-15% of net assets at year-end.
Write to Christian Moess Laursen at [email protected]
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