According to TLRC's half-yearly report to the London Stock Exchange, TLRC recorded a loss of £4.65m.
TLRC chairman Trevor Smallwood said although "trading conditions remain difficult" and the advertising market "remains depressed", the TLRC board has taken and continues to take action to "restructure the business and reduce its cost base".
TLRC owns a 50% share in First Radio Sales, the sales house which represents 133 stations across the UK, and it said the sales house was "particularly hard hit" by the economic downturn in the first six months of the year.
But while commission revenues decreased by 20% to £990,000, TLRC said it is still trading profitably.
Last month, TLRC sold Hastings-based Arrow FM and Sovereign Radio in Eastbourne, Macclesfield radio station Silk FM, Fire in Bournemouth and today it has closed High Wycombe-based Mix 107 and handed the licence back to Ofcom.
Smallwood said the board believes that following the restructuring and with further operational improvements the group will be able to "operate profitably and benefit from the upturn when it arrives".
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