Grand Harbour Marina plc - Interim Directors’ Statement

Thursday, May 15th, 2014

On 14 May, Grand Harbour Marina plc (GHM) published its Interim Directors’ Statement updating the market on its performance during the first quarter of 2014. During this period the Group enhanced its operating results on the back of improvements at both the 100% owned Grand Harbour Marina in Malta as well as the 45% interest in the IC Cesme Marina in Turkey. The Directors also noted that in April 2014, the Company paid out a net interim dividend of €0.084 per share.

Overall, GHM reduced its pre-tax loss during the period under review to €0.11 million compared to €0.21 million in the first quarter of 2013 largely due to a 1% increase in revenue to €1.02 million and a 12.2% reduction in operating expenses (excluding depreciation and finance costs) to €0.72 million.

Grand Harbour Marina (Malta)

During the first quarter of 2014, the marina in Malta registered a 6% drop in revenues to €0.65 million which was offset by a 13.7% decrease in cost of sales and operating expenses to €0.44 million. After deducting depreciation (€0.08 million) and finance costs (€0.15 million), the pre-tax loss was reduced to €0.01 million compared to €0.05 million in the first quarter of 2013. Similar to the previous comparable period, no berth sales were concluded during the first quarter of 2014.

IC Cesme Marina (Turkey) 

Revenue during the first three months of 2014 grew by 15.7% to €0.81 million whilst cost of sales and operating costs (excluding depreciation and finance costs) declined by 8.7% to €0.63 million. After deducting depreciation and finance costs of €0.24 million and €0.17 million respectively, the marina’s pre-tax loss amounted to €0.22 million representing a 38.9% reduction from the pre-tax loss incurred during the first three months of 2013. GHM’s 45% share of this loss amounts to €0.1 million.

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