MCINERNEY Properties has reduced its loss before tax from £346,000 to £265,000 in the six months to June 30th, 1996. The results do not reflect a better underlying position because they include restructuring costs of £100,000 and a loan stock redemption of £225,000. Also, traditionally the second six months are more profitable.

Turnover fell from £15.1 million to £14.7 million. A breakdown shows a rise in private housing sales from £9.6 million to £11 million, but a reduction in leisure development sales from £4.4 million to £2.8 million.

A geographical breakdown shows the dominance of the domestic market, which accounts for over 80 per cent of the total. The Irish housing market continues to be buoyant, the group said, and there were 174 house completions, down from 178 in the first half of 1995.

McInerney will commence building at two new sites in Cork before Christmas, where demand is said to be strong. The Fitzhaven development on South Circular Road in Limerick "has progressed well", Waterford is "performing exceptionally well", and units on the Lucan site in Dublin will be completed by Christmas. The next phase of its Rathfarnham development in Dublin is about to be launched and sales at a new site in Foxrock, Co Dublin have started.

Hillview Securities, which operates the commercial division, had a "successful half year". Overheads in the leisure division in Portugal have been reduced and a rationalisation programme is taking place in Spain.

Overall, the group should make a modest profit in the full year, but it will have to contend with the once off costs of the financial restructuring.