ISEQ-listed property company Dunloe Ewart has said it expects a downturn in market activity for the second half of this year.
According to company chairman Mr Noel Smyth, the financial performance of the company for the third and forth quarters is likely to be less significant that it was in the first two quarters.
But he said the position of the company was still strong following the sale of the majority of its investment portfolio and the reduction in the group’s net debt.
"In anticipation of securing planning permissions at Sir John Rogerson’s Quay, Barrow Street, Cherrywood, Cathedral Way, Belfast and Sirocco, Belfast, the long-term prospects of the group remain solid," he said in a statement.
"Serious question marks remain, however, on the group’s ability to develop, in an orderly fashion, its stock in Northern Ireland given the lack of any statutory timetable on when consents or permissions for developments issue".
The statement accompanied the release of the company figures up to June 30th, 2001.
Results show the group incurred a loss before tax of euro 12.2 million, compared with a profit of euro 9 million the corresponding period last year.
Losses were incurred, according to the figures, after providing euro 15.4 million against the carrying cost of development sites.