Grand Harbour Marina plc - Interim Directors’ Statement

On 17 May, Grand Harbour Marina plc (GHM) issued its Interim Directors’ Statement covering the first three months of 2013.

During the period under review, the marina in Malta registered a 29% increase in revenue to €0.7 million compared to the same period last year. Meanwhile, similar to the first quarter of 2012, no berth sales were registered during the period under review. Operating expenses increased by 15% to €0.51 million due to high utility costs.

Overall revenue of the IC Cesme Marina in Turkey (in which GHM owns a 45% stake) for the first three months of 2013 improved by 16.7% to €0.7 million (GHM’s share: €0.32 million) whilst operating costs only increased by 10% to €0.69 million (GHM’s share: €0.31 million).

In conclusion, the Directors stated that the Company continues to provide the highest quality of service to its marina users.