Dermot Desmond's investment vehicle reports a loss

International Investment and Underwriting (IIU), the investment vehicle owned by Dermot Desmond, reported a loss of €3.66m during 2002.

Accounts filed recently show it had investments listed on quoted stock exchanges worth €10m as of December 31, 2002, and the company had a further €6m in cash. The company's profit and loss account stood at a €2.9m loss, having been €691,805 in profit the previous year.