House builder McInerney has reported a pre-exceptional loss before tax of 拢25m for the year to 31 December 2009, down from 拢47m in 2008.
However, the group said it remains in breach of some of its banking covenants, and may need a restructuring or equity fund-raising resulting.
Its revenue for 2009 totalled 拢149.4m, a 50% fall on the previous year's 拢300.9m.
During the year, it completed 744 private and contracting residential units in Ireland and the UK, compared with 1,352 in 2008.
The house builder took an impairment charge of 拢156m in its the first-half results after a review of the carrying value of its assets.
It has written down its Irish landbank by over 50% and UK landbank by almost 40% since mid-2008.
McInerney said its housing markets in the UK and Ireland were both severely impacted by lack of mortgage availability and poor consumer sentiment.
It added that it remained focused on continuing to reduce costs and generate cash while reviewing strategies that can benefit its operational capacity and performance.
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