One of Ireland's largest building firms has reported profit for the first nine months of 2010, with a helping hand from significant business in England.

Lagan Homes have reported a pre-tax profit of £1.3m for the months of April to December 2010.

In their last financial statements the company reported losses for the last two years including a £6.6m loss in the year to March 2010.

Its turnover in the nine months was £46m, similar to the 12-month turnover for the preceding period.

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According to a report by the BBC the firm aims to develop its existing land bank in Northern Ireland and England during the current economic downturn. The undeveloped land was bought for a total of £69m.

Lagan Homes has a significant business in England where the housing sector has been performing better.

Meanwhile the company continues to manage many of the risks that those in the construction industry face.

These include operations to help minimise the adverse effects of debt market crisis, credit risk and liquidation risk.

Lagan Homes is part of the bigger Lagan Group – which is one of Northern Ireland’s largest construction businesses.

The company specialises in quarrying, house building, property investment and infrastructure engineering.

(LB/BMcC)