Dunloe Ewart has posted first-half pre-tax profits of €3.1 million (€2.4 million), as against €1.4 million last year, writes Ella Shanahan. A profit of €18.4 million from the sale of a 50 per cent interest in Cherrywood in south Dublin was stripped out of the 1999 first-half figures for comparison purposes, the property company said. Operating profits rose 74 per cent to €9.9 million. Rental and other income increased 12.4 per cent to €13.4 million, while the development and sale of property during the period amounted to €8.9 million, an increase of 66 per cent.

Net assets rose to €167 million from €131 million previously, while the directors estimated an adjusted net asset value per share of 67 cents.

Dunloe's board, frustrated by a lack of investor interest in smaller capitalisation firms on the Irish Stock Exchange, announced in April that it planned to take the group private. A shareholders' meeting will be held on October 4th to vote on the plan.

In July, it raised the initial terms of its buy-out offer to shareholders to 51 cents a share from 47 cents.

A statement from the company yesterday reported that phase one of the Cherrywood Science and Technology Park had been completed and fully let; construction of the next 125,000 sq ft is under way. Construction of 80 apartments in Benburb Street, Dublin, is also under way.