Housebuilder McInerney Properties has, as expected, reported a sharp fall in first-half profits from €7.6 million to €4.1 million, mainly due a fall in housebuilding margins from almost 19 per cent to close on 11 per cent. The fall came against a background of a 3 per cent rise in half-year turnover to €68.7 million. The profits dip is also down to timing factors where projects started in the first half of the year but will only contribute to profits in the second half.