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Irish homebuilding company Cairn Homes reported a slump in first-half profit as building activity was halted owing to government-imposed lockdowns.
For the six months ended 30 June 2020, pre-tax profit fell to €1.2m from €21.8m as revenue more than halved to €80.9m from €192.4m.
The company sold 207 homes at an average selling price of €337K, compared with 390 sales at a price of €449K.
The current value of the forward sales pipeline was €237m.
Following easing lockdown measures, construction productivity had returned to about 85% of pre-pandemic levels, the company said.
The company said it expected in excess of 700 closed sales, a gross margin of about 16.3% and an operating profit of about €20m for FY20.
At 8:50am: (LON:CRN) Cairn Homes Plc share price was +0.01p at 0.81p