Finance Ireland has reported a pre-tax loss of €1m for the six months to the end of December.
Finance Ireland is the holding company for SHIP, which provides equity release products to people over the age of 60.
The company was formerly known as Ardent and is headed by former Irish Life & Permanent chief Billy Kane. SHIP's products allow home owners to sell a stake in their home to it in return for a lump sum.
Loans in its Lifetime Mortgage business totalled €26.2m at the end of last year, compared with €10.6m at the end of June last year. The company said business remained strong in the first quarter of 2007 'despite some recent adverse press commentary on the equity release market'.
The company has formed a joint venture with Investec Holdings to set up a specialist mortgage lender called Nua. Nua, which targets the non-standard or sub-prime market, was launched on April 5.
