Grand Harbour Marina plc - Interim Directors’ Statement

Wednesday, May 20th, 2015

On 19 May, Grand Harbour Marina plc issued its Interim Directors’ Statement updating the market on its performance during the first quarter of 2015.

During the period under review, the marina in Malta continued to register growth in revenues with a further 16% increase to €0.76 million. Meanwhile, similar to the trend in 2014, no berth sales were registered during the first quarter of 2015 however, the Company noted a renewed interest in the market for berth sales. On the expenditure side, cost of sales and operating costs increased to €0.54 million compared to €0.44 million in the corresponding period last year. After deducting depreciation of €0.08 million and finance costs of €0.25 million, the loss before tax was €0.12 million in the first quarter of 2015 compared to €0.01 million in the comparative period last year.

The IC Cesme Marina in Turkey, in which GHM has a 45% shareholding, also continued to register further growth in turnover which reached €0.86 million (45%: €0.39 million) in Q1 2015 compared to €0.81 million (45%: €0.36 million) for the same period of 2014. Similarly, cost of sales and operating costs increased by 7% to €0.58 million (45%: €0.26 million). After deducting depreciation of €0.22 and finance costs of €0.12 million, the Turkish marina reported a loss before tax of €0.07 million (45%: €0.03 million) compared to €0.22 million (45%: €0.1 million) in the first three months of 2014.

Overall, the Group registered a loss before tax of €0.15 million compared to €0.11 million in the same period last year. Apart from reflecting the performances of the Malta and Turkish marinas, the loss before tax during the first three months of the year also reflects the €0.05 million one-off premium costs incurred in connection with the buy-back of an amount of 7% Grand Harbour Marina plc 2017/20 bonds.

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