Mediterranean Investments Holding plc - Company Performance and Palm City updates

Friday, October 31st, 2014

On 31 October 2014, Mediterranean Investments Holding plc (MIH) issued a company announcement giving an update on the company’s performance up to 30 September 2014. While Palm City Residences have remained fully operational, the company acknowledged that the occupancy level was subdued over the past few months, as a number of leases that have expired were not renewed, while a few other clients opted to cancel their contracts by enforcing the force majeure clause due to the persistent geopolitical instability in Libya. Nonetheless, the company reported that the majority of its tenants retained their leases, and as such, Palm City continued to generate rental revenues from the underlying contractual agreements.

Moreover, MIH reported that Palm City’s revenues for the 9 months up to 30 September 2014 increased marginally as a result of higher rates, while cost curtailment has been undertaken to achieve a better EBITDA than the corresponding nine months of the previous reporting period.

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