Dunloe Ewart has recorded substantial growth, with a 510 per cent surge in pre-tax profit to €19.8 million (£15.6 million) in the six months to June 30th, 1999. This was mainly due to the sale of a 50 per cent interest in the Cherrywood development in south Dublin at a profit of €18.4 million, which led to a 317 per cent increase to €47.5 million in profits on development and sale of property.

Other sales included the last remaining apartments at Beresford Street, Dublin, and the sale of offices at Clondalkin.

Rental and other income also grew strongly, rising 95 per cent to €11.9 million.

Reflecting real growth, the net assets per share rose from 23.2 cents to 33.8 cents. This is expected to be further enhanced at the end of the year when the investment portfolio is revalued.

The fully diluted earnings per share jumped from 0.67 cents to 3.69 cents.

Net debt was €180.9 million, representing a gearing of 53 per cent. In the first half, the company drew down funds under its medium-term facility with Morgan Stanley Dean Witter to fund acquisitions of €90 million.

Chairman Mr Noel Smyth said the group was negotiating a number of development finance facilities to fund specific development projects, which were either under way or would shortly commence construction.

Dunloe Ewart's joint venture with British Land at Cherrywood is "working well and our development plans have been advanced".

Mr Smyth said he would seek planning permission for a further 250,000 sq ft of offices before the year end. The group's plans for its landmark site at Sir John Rogerson's Quay in Dublin are close to completion. "We will shortly be submitting an innovative office and residential scheme, which will reflect the welcome initiatives identified in the recently issued Dublin Dockland Development Authority draft report, which supports the proposed scheme," said Mr Smyth.

The group has had a very active first half. It contracted to buy, as part of a joint venture, 187 acres of development land at Clonburris, Clondalkin, Dublin, for €5.9 million. It also acquired 30 acres of development land at Finglas, Dublin, adjacent to the M50. "Our plans in relation to the development of both of these sites are progressing well," said Mr Smyth. A further development is the preparation of an initial planning application for a commercial/industrial development at Dublin Airport.

Mr Smyth said he was disappointed with the current share price, which has been attributed to the lack of support for mid-cap companies and the low rating for property shares. However, he stressed that "we are continuing to explore the best method of extracting value" for the company.

On the future, he said the omens were "positive".