Grand Harbour Marina plc - Interim Directors’ Statement

Thursday, November 12th, 2015

On 11 November, Grand Harbour Marina plc issued its Interim Directors’ Statement updating the market on its performance since the publication of its interim results as at 30 June 2015.

The Directors explained that, on a consolidated basis, during the first nine months of 2015 the Group achieved revenues of €4.63 million, an increase of 6% over the same period last year. Cost of sales and operating costs, excluding depreciation and finance costs, increased to €2.73 million from €2.69 million, leading to an EBITDA figure of €1.90 million (up 14.5% when compared to the corresponding period last year). After taking into consideration finance and depreciation costs of €1.35 million (€1.37 million in the first nine months of 2014), the Group registered a profit before tax amounting to €0.55 million (against €0.29 million in the corresponding period last year). The results for IC Cesme Marina are based on budgeted exchange rates, which may be different from the actual exchange rates that will be applied in the audited financial statements.

During the period under review, the marina in Malta continued to register growth in revenues with an increase of 6% to €2.67 million. Meanwhile, no berth sales were registered during the first nine months of the year but the Company noted a renewed interest in berth sales. On the expenditure side, cost of sales and operating costs decreased to €1.7 million when compared to €1.74 million in the same period last year. After deducting depreciation of €0.23 million and finance costs of €0.65 million, the operations in Malta registered a profit before tax of €0.09 million compared to a loss before tax of €0.06 million in 2014.

The IC Cesme Marina in Turkey, in which GHM has a 45% shareholding, also continued to register further growth in turnover which reached €4.36 million (45%: €1.96 million) in the first nine months of the year compared to €4.08 million (45%: €1.83 million) for the same period of 2014. Similarly, cost of sales and operating costs increased by 9% to €2.29 million (45%: €1.03 million). After deducting depreciation of €0.67 and finance costs of €0.38 million, the Turkish marina reported a profit before tax of €1.02 million (45%: €0.46 million) compared to €0.8 million (45%: €0.36 million) in the corresponding period of 2014.

Print This Page Print This Page