Investment holding company TVC Holdings has reported pre-tax profits of €2.4m for the six months to the end of September.
This is down from the €3.8m reported the same time last year.
TVC's gross portfolio return for the six month period fell to €3.5m from €4.5m the same time last year.
Its net assets at the end of September stood at €117.6m.
These were mainly comprised of cash in the bank and government bonds of €80m, quoted equity investments of €28.1m and unquoted investments of €8.7m. TVC has a 76% investment in UTV Media.
The company said it has no debts.
In August, TVC disposed of its interest in the TAS group for €7.4m. The company said the sale proceeds represented a return of 2.1 times the valuation of its investment at March 2012.
Since March 2011, the company's cash and government bonds have increased by 50m to 80m arising from the sale of Norkom and its strategy of continuing to realise value from its unquoted technology portfolio.
''TVC actively considered the limited number of investment opportunties during this period but we decided that it was not in the interests of our shareholders to pursue these investments,'' commented the company's executive chairman Shane Reihill.
''We believe that our selective investment approach is the correst stategy and that TVC is in a very strong position to make additional long term investments at what we expect to be attractive valuations and to continue to maximise value for all our shareholders,'' he added.
