Kenmare-based online travel company CNG this morning reported pre-tax losses of $8.9m (€7.2) for the first half of 2004.
It is the company's first set of results since it floated on London's Alternative Investment Market (AIM) in May.
CNG reported a trading profit of $2m, but costs associated with the flotation and investment in technology resulted in the losses.
Turnover was just under $27m, boosted by the full acquisition of New York based Tzell Travel, which made pre-tax profits of $6.4m.
CEO Mr Finbarr Power said the trading profit was satisfactory adding that it was gratifying to be show a profit while still in a phase of investment.
