Development company McInerney Holdings has failed to meet the projected number of Irish unit completions that the firm made in September of last year.
In a trading statement released today, McInerney said 'negative sentiment and the tightening of credit' were to blame for the results.
The firm saw a sharp fall in private house completions here, dropping to 594 last year from 1,025 in 2006.
The building firm believes that the housing market is experiencing a period of correction.
However, it reckons that this will lead to a more stable housing market and it says that this will suit its business model.
There was better news for the company's output in the UK and Spain, however, where completions were up to 2,414 last year from 2,372 in 2006.
This includes a 'significant' rise in UK levels, with 1,400 private houses finished in 2007, as opposed to 980 the previous year.
The company said it was 'comfortable' with market forecasts for 2007 profits.
McInerney shares closed down four cent at €1.56 in Dublin.
