Grand Harbour Marina plc - Interim Directors’ Statement

Tuesday, May 15th, 2012

On 15 May, Grand Harbour Marina plc published its Interim Directors’ Statement covering the performances of its two marinas during the first quarter of 2012- the Grand Harbour Marina in Malta and the IC Cesme Marina in Turkey (in which it holds a 45% beneficial interest).

During the period under review, revenue generated at the Grand Harbour Marina in Malta rose by 16% to €0.35 million on the back of continued high occupancy and a moderate rise in berthing tariffs. Operating costs, excluding berth sales related expenses, edged 2% higher during the first three months of the year compared to the first quarter of 2011. On the other hand, the Company did not manage to conclude any berth sales during the first quarter of 2012 but GHM noted that there is an interesting pipeline of opportunities and the Board of Directors continues to believe that the securing of long-term berths remains a matter of timing.

In respect of the marina in Turkey, berthing revenues doubled during the first three months of the year to €0.3 million (GHM’s 45% interest: €0.14 million) compared to the first quarter of 2011. Similarly, retail activity revenues (also referred to as landside revenue) grew by 36% to €0.18 with GHM’s 45% share amounting to €0.08 million. Operating costs also increased but at a lower rate of 7%.

2012 will be the first full-year contribution to GHM from the investment in the Turkish marina following the acquisition in March 2011. The announcement also made reference to the third award won by the Turkish marina, namely the Best Tourism Investment following last year’s awards related to the ‘Best Marina in Turkey’ and ‘Arkitera Architectural Awards’.

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