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TVC Holdings raises stake in UTV Media

Investment company TVC Holdings has increased its shareholding in UTV Media, buying an additional 4 per cent stake in the firm.

This brings TVC's holding in the company to 15 per cent, representing an investment of about €24.8 million.

On Tuesday, the investment firm announced it had acquired 11 per cent of the company for €19 million, making TVC the single largest shareholder in the media group.

The UTV investment now represents 20 per cent of TVC's net assets.

UTV owns a number of media assets, including Dublin radio station FM104, and broadcasts the programmes of ITV in Northern Ireland.

Xilinx reports record revenues

US technology firm Xilinx reported record net revenues of $488.2 million (€308 million) in the first quarter of its fiscal year 2009, up 9 per cent compared to the same quarter a year ago.

The company, which employs 400 people at its European headquarters and RD centre in Dublin, recorded net income of $83.9 million for the period.

This included pre-tax restructuring charges of $19.5 million and a pre-tax charge of $4.6 million related to impairment losses on equity investments.

"We reported a solid quarter in spite of macroeconomic headwinds," said Moshe Gavrielov, president and chief executive officer of Xilinx. The company produces advanced microchips capable of being programmed individually for use in electronic systems, and provides software tools needed to do this.

New buildings decline 57%

The total number of new buildings completed during the first six months of 2008 is down 57 per cent compared to the same period a year ago. According to new figures released by GeoDirectory, a company jointly established by An Post and Ordnance Survey Ireland, the number of residential and commercial buildings completed across the country totalled 26,289.

This compares with 60,781 buildings finished during the first six months of 2007.

"The slowdown in new additions is reflective of a more cautious approach by developers who seem to be meeting demand rather than anticipating future need," said Dara Keogh, general manager at GeoDirectory.

The highest increase in completed new buildings was recorded in Cork city and county where 2,893 residential and 135 commercial properties were finished this year.

Monaghan recorded the lowest number of additions with just 299 residential and just 12 commercial properties completed in the first six months of 2008.

GeoDirectory predicts that about 40,000 residential and commercial buildings will be completed across the country this year, compared to 80,000 in 2007.

Nokia results in line with forecasts

Mobile phone maker Nokia reported April-June results roughly in line with forecasts, and was upbeat on the rest of 2008, easing fears that economic woes were hitting phone demand.

Nokia shares in Helsinki rose 8 per cent on the announcement to €17.05, although they are still 35 per cent down this year.

Nokia slightly raised its forecast for the mobile phone industry, saying volume would grow 10 per cent or more in 2008, having previously forecast growth of about 10 per cent.

"Looking at the rest of the year, we are optimistic and have had good feedback about the broad range of new products we expect to sell," Nokia chief executive Olli-Pekka Kallasvuo said in a statement yesterday.

The company said earnings per share for the three months, minus special items, rose to €0.36 from €0.32 in the same period of 2007, compared with an average forecast of €0.37 in a Reuters poll of 31 analysts.