Malita Investments plc - Full-Year Results

On 22 February, Malita Investments plc published its 2012 financial statements showing a profit for the year of €1.4 million in line with the forecasts presented in the July 2012 IPO prospectus.

Performance Review

The Company generated €1.45 million in revenues comprising the ground rents received from Malta International Airport plc (MIA) and Valletta Cruise Port plc (VCP). Administrative expenses amounted to €0.32 million whilst the Company benefitted from a €1.17 million uplift in the fair value of the investment property it owns. The latter reflects the higher present value attributable to the cash flows receivable by the Company in relation to the MIA and VCP sites. As a result, the operating profit for 2012 amounted to €2.3 million in line with the July 2012 projections. After accounting for €0.25 million in net finance income and €1.1 million in tax, Malita’s net profit amounted to €1.4 million which translates into earnings of €0.0153 per share.

Dividend

The Directors recommended a final gross dividend (in line with the dividend policy disclosed in the July 2012 IPO prospectus) of €0.0243 per share (net: €0.0158) to all ‘B’ shareholders as at close of trading on Wednesday 6 March. This dividend is still subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Friday 12 April.

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Malita Investments plc – Preliminary Statement of 2012 Annual Results