Enterprise Ireland realised more than £40.3 million (€51.17 million) from the sale of shares in three Irish IT firms earlier this year, its 1999 annual report revealed.

The body's largest gain came last March when it sold a 1.8 per cent stake in Iona Technologies for £27.13 million. The historical cost of acquiring the shares in the software integration firm was just £692, indicating that the body would make a further substantial gain if it sold its remaining stake of about 3.5 per cent.

The body also retains a stake of about 6.5 per cent in the chip design company Parthus, which floated in London and on the Nasdaq in May. Enterprise was paid £8.59 million for a 1.5 per cent stake in the company which was acquired for £2,768. Enterprise Ireland's chief executive, Mr Dan Flinter, said the body was the sole outside investor in the firm when it was set up. "We took the risk when nobody else was prepared to invest."

In addition, the body realised more than £4 million from the sale of a 2.5 per cent stake in secure Internet payments firm Trintech. These shares were acquired at a historical cost of £47,278 and sold for £4.63 million. Enterprise Ireland retains about 4.5 per cent of Trintech.

Other share sales, dividend payments and redemptions of preference shares have realised about £10 million since January.