As the operations of its subsidiaries are conducted in pound sterling, Tradehold also reports its results in that currency.
Tradehold's major investments in the UK are in the listed British retail group Instore Plc and in the property group Moorgarth Properties.
During the year it reduced its interest in Instore from 64.5% to 35.8% having sold 68 million shares to UK company Seaham Investments for £10 million.
This transaction resulted in a loss of £3.6 million whilst the impairment of Tradehold's investment in Instore led to a further loss of £4.6 million.
As Tradehold no longer owns the controlling shareholding in Instore the transaction has a material effect on how it reports its results with Instore now considered an associated company.
Tradehold's attributable portion of Instore's results since deconsolidation amounted to a further loss of £2.3 million. It ended the year with a total loss, after exceptional items, of £13.8 million.
Tradehold director Cornus Moore said although the trading loss was disappointing, he was nevertheless heartened by the extent to which it had been reduced compared to 2007.
"The British economy weakened significantly in the second half of the year, affecting our investments in both the retail and property sectors.
"In addition, Instore has been going through an extended period of reorganisation, which also involved changes at top management. However, the business is now regaining an even keel and in the year under review reduced its trading loss from £9,1m in 2007 to £2,3m. Our new partners' experience and knowledge of the UK market assisted us considerably in achieving this result."
Moore said the turmoil in the British credit and banking sectors had led to a lack of confidence in the property market and to considerable uncertainty among both buyers and sellers. Tradehold's property interests, vested in Moorgarth Properties in which it holds the controlling interest, did not escape the effect of these market forces.
It recorded a loss after tax of £0.8 million as against an after-tax profit of £2 million in 2007. The value of its portfolio remained virtually unchanged at £44.9 million.
No dividend was declared.
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