Irish property group Sherry Fitzgerald today warned profits are likely to fall short of previous expectations as a result of the weakening economic environment.
In a trading statement issued this afternoon, Sherry Fitzgerald said the September 11th attacks had compounded weakening consumer confidence in the residential market. As a result, after tax profits for 2001 will be approximately €600,000. Last year the group reported after-tax profit of €2.28 million.
The company added that market conditions, particularly those affecting the commercial business will remain challenging until such time as a definite recovery is seen in the US economy.