The Board of Directors of Plaza Centres p.l.c. today announced the financial results for the year ended 31 December 2003. During the year turnover amounted to Lm580,765, a decrease of 4.6% when compared to 2002, reflecting the reduction in rentable space following the sale of two areas within the Majestic block.
A profit of Lm26,330 was realised on this sale. Operating expenses dropped by 5.1% to Lm118,439 resulting in an operating profit before depreciation of Lm488,656 (2002: Lm483,954). Occupancy levels within the shopping mall remained high at 95%.
The charge for depreciation remained largely unchanged at Lm132,612. Plaza’s operating profit for the twelve months ended 31 December 2003 amounted to Lm356,044, 1.3% higher than the profit for 2002. Profit after tax amounted to Lm220,093 (2002: 224,777), which translates into earnings per share of 2c3 compared to 2c4 in 2002.
The Directors have proposed a gross dividend of 3c6 per share (2002: 3c8) for approval at the Annual General Meeting scheduled for 23 April 2004. This equates to a net dividend of 2c34 per share resulting in a total distribution of Lm220,287.
The dividend cover works out at 0.98 times. This dividend will be paid to all members on the register as at close of trading on 30 March 2004. The shares begin trading XD from Thursday 1 April 2004.Shareholders' funds of Lm7 million as at the end of December 2003 translate into a book value per share of 74c8.