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Housing developer McInerney Holdings Group suffered a pre-tax loss of 鈧�170.9m (拢150m) in the first six months of 2009, the firm revealed today.

This was more than triple the loss of 鈧�53.6m (拢47.1m) posted by the Ireland and UK based developer for the same period a year earlier.

The loss included a 鈧�156m (拢137m) impairment charge based on devaluation of the group's land holdings. This followed a 鈧�110m writedown near the end of 2008.

The group's operating loss for the first half of 2009 was 鈧�12.8m (拢11.2m), down from 鈧�22.1m (拢19.4m) a year earlier. McInerney attributed this loss to lower volume housing output, and lower product prices in Ireland and the UK.

Total unit completions amounted to 342 for the first half of the year, compared with 423 in the same period a year ago.

Restructuring and 鈥渟trong action鈥� had been taken by the board, the firm said in a statement, in a bid to help weather the downturn.

Chairman Ned Sullivan said: 鈥淭he autumn selling season this year will be particularly significant in providing an indication of the condition of our key housing markets.

鈥淭he timing and rate of recovery in the housing market will be dependent on a wider improvement in the economic conditions in Ireland and the UK together with a tangible increase in the supply of mortgages,鈥� he added. 鈥淚n the UK there are signs of some market recovery albeit from a low base.鈥�