Investment holding company TVC Holdings has reported pre-tax losses of €66.2m for the year ending March 2009.
This compares to losses of just over €18m the same time last year as the firm reduced the value of its investment portfolio by €66.6m due to the steep decline in asset prices and current difficult market conditions.
TVC Holdings has an 18% stake in UTV Media, making it the broadcaster's biggest shareholder, as well as a substantial shareholding in Norkom group, which specialises in financial crime and compliance software.
The company said its net assets at the end of March stood at €75.6m, mainly made up of cash in the bank and other liquid investments of €31m, quoted equity investments of €25m and unquoted equity investments of €18.3m. The company has no debt.
'With cash and liquid investments in excess of €31m and no debt in the company, we believe that TVC is in a strong position to take advantage of the anticipated opportunities to make further long term investments at what we expect to be attractive values, adding real value to our investment portfolio,' commented TVC's executive chairman Shane Reihill.
