Dublin-based homebuilder McInerney Holdings said the number of houses it built in Ireland last year halved and it said today it may further write down the value of its land.
McInerney built 1,359 homes in total last year, down from 2,414 in 2007. In Ireland, house completions fell by over 50 per cent to 296.
“It is prudent, therefore, to undertake a further review of the carrying value of the land bank, based on further house price discounting,” the company said today.
This “will result in a further material impairment charge, reflecting the deterioration in market conditions since the 2008 first half year results.”
The company added it has agreement in principle with its banks in the UK on debt arrangements, following a similar agreement with its Irish banks last year.
Additional reporting Bloomberg