Investment vehicle TVC Holdings generated a gross return on its portfolio of €3.5 million in the first six months of its financial year and made profits of €2.4 million, according to figures released yesterday.

TVC said net asset value per share stood at €1.16 on September 30th, compared to €1.14 on the same date in 2011. The Dublin-listed company’s financial year runs from April 1st to March 31st.

Its figures show that the total value of its investments at the end of September stood at €116.8 million. This included €80 million in cash and Government bonds and €36.8 million in shares in quoted and unquoted companies. A stake in media group UTV, valued at €28 million, accounted for 24 per cent of its total portfolio.

In August, TVC sold its stake in software developer TAS Group for €7.4 million.