Cairn Homes PLC - Irish housebuilder - Reports 743 new home sales in 2020, down 31% from 2019, generating revenue of EUR260 million, down 40% from EUR435.3 million. Says average selling price down 11% to EUR332,000 from EUR372,000 amid 2020 sales mix shifting more towards housing over apartments. Expects 2020 operating profit of EUR24.1 million, down 65% from EUR68.0 million. Also announces new contracted private rental sector forward sale of 150 homes at Shackleton Park i Dublin, with a total valuation of EUR48.6 million. "Two additional large PRS projects currently under construction will be marketed for sale in mid-2021," Cairn adds.
Current stock price: 95.20 pence, up 5.8% on Wednesday
Year-to-date change: up 12% from EUR0.96, about 85.34p, on December 31. Cairn on January 11 changed currency denomination of its shares.
By Eric Cunha; ericcunha@alliancenews.com
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Cairn Homes (CRN)