Estate agent Sherry Fitzgerald has reported a sharp drop in pre-tax profits for 2001. Profits fell from €6.1m in 2000 to €1.5m on 16% lower turnover of €22.8m.
Chief executive Mark Fitzgerald said a combination of the volatile global economy, the slowing domestic economy and the after effects of the third Bacon Report has caused 2001 to be a more challenging year than expected.
But he said there had been a 'significant increase' in confidence following the Budget measures aimed at investors, with early indications suggesting a rise of 5.5% in second-hand house prices in the first quarter.
He warned, however, that the slower global economy would continue to affect demand for some types of commercial property.
Earnings per share for the group were 4.57 cent, while no final dividend is being paid. The group managed to cut its debt/equity ratio from 41% to 18%.
Shares in Sherry Fitzgerald were unchanged at €1.25 euro in Dublin on Thursday, ahead of the four day Easter break.
