Nevada tele.com, the Irish firm taken over by Energis earlier this year, lost €32.8 million in the year to the end of March 2002 after writing down the value of its telecoms assets.

Nevada, which recently changed its name to Energis, saw pre-tax losses increase sixfold in the period - up from €5.4 million in the year to the end of March 2001 - after taking a €21.8 million charge for asset impairment.

New figures filed with the Company's Registration Office in Dublin show turnover at the firm's operations in the Republic and Northern Ireland doubled to €24.6 million to the end of 2002.

Energis Ireland provides Bank of Ireland and UTV Internet with a range of telecoms services using fibre networks leased from firms such as Bord Gáis. Its operation in Northern Ireland provides telecoms services to former shareholder Viridian.

The results show operating expenses almost doubled at the firm, which underwent a major restructuring earlier this year, rising to €31.4 million in the year to March 2002, up from €16 million in 2001.

Subsequently, a restructuring at the firm has seen more than 100 staff lose their jobs at Nevada when Energis bought the remaining 50 per cent stake in the firm from joint venture partner Viridian in late 2002.

Nevada carried forward a loss of €57.7 million at the end of 2002, a sharp rise on the €24.9 million loss carried forward at the end of the previous year.

The financial accounts, which were signed off by the firm's new general manager, Mr David Beck, on June 13th, show that the company's net liabilities at March 31st 2002 were €63.9 million and total liabilities were €91.1 million.

This reflects Nevada's purchase of telecoms assets during its start-up mode in 2001 and 2002, and the cost of hiring 70 staff to run its Irish operations.

The results for the year to March 2003 will reflect Nevada's restructuring programme following Energis's decision to take full control from autumn 2002.

In an interview with The Irish Times, Mr Beck said the firm had written off the value of its assets to tidy up the balance sheet and provide a good platform for going forward.

He said Energis's all-Ireland business was producing revenues of £40 million sterling (€57 million) per year and had got to cash break-even point.

The results filed recently with the Company's Registration Office represented a historical position at the firm, he added.