Investment company TVC Holdings has reported a pre-tax loss of €11.46m for the six months to the end of September. This compares to a pre-tax profit of €21m the same time last year.
The company said the value of its investments in the six month period fell by €12m mainly due to the mark down of its quoted investments and a foreign exchange charge.
The company's two quoted investments - Norkom and UTV - represent 88% of its net asset value and four unquoted investments represent the remaining 12%.
TVC said its cash and government bonds increased to over €31m and it added that it has no debt.
The company said it believes there will be major restructuring opportunities in Ireland and the UK where trading companies with excessive debt will need to raise new equity at attractive prices for new investors.
'TVC's management has extensive experience of complex turnaround transactions,' commented the company's executive chairman Shane Reihill.
'We expect the number of restructuring opportunities to increase over the next 12 months as banks focus on problems with their trading clients,' he added.
