Cairn Homes reports 2020 profit slump as pandemic knocks down housebuilding
Irish housebuilder Cairn Homes saw profit drop sharply in 2020 as Covid-19 restrictions battered the property industry.
Cairn reported an operating profit decline of almost two thirds to €24.4m from €68m a year earlier.
Meanwhile, revenue fell 40 per cent to €262m from €435m in 2019, while earnings per share plummeted at a similar rate to 1.7c from 6.5c in 2019.
Cairn said it expects construction to fully reopen in Ireland on 6 April and is planning to proceed with building up to seven new sites this year.
Michael Stanley, CEO of Cairn Homes, said the company is working tirelessly to overcome the housing crisis.
“Our housing crisis has now further deteriorated,” Stanley said.
“As an appropriate response to any crisis, key stakeholders, whether in the private or public sector, urgently need to respond and be encouraged and supported to deliver homes for the over 500,000 people in Ireland today who have little or no prospect of affordable home ownership.”