Dublin-listed South Wharf yesterday reported a first-half loss of €1.28 million, more than double the loss incurred in the same period last year, despite managing to increase turnover by €300,000 to €528,000.

South Wharf reached a conditional agreement with Dublin Port earlier this year, which concluded a long-running legal dispute over the company's Ringsend site, where its glass manufacturing operations were previously located.

Under the terms of this agreement, third parties are being sought to acquire ownership of South Wharf, which was formerly known as the Irish Glass Bottle Company and subsequently Ardagh. The tendering process will run until October 25th. South Wharf expects to announce the successful applicant by mid-November.

Shareholders will receive 66.4 per cent of the sale consideration, after all group company liabilities have been paid, expenses have been discharged and sums to cover warranties have been deducted. The payment will be made as compensation for the cancellation of their shares in South Wharf. The company predicts that shareholders will receive payment by the end of January 2007.

"The directors are confident that the process will lead to a successful conclusion but, in the event that it does not, South Wharf and Dublin Port will be free to continue litigation proceedings," the company said.