Plaza Centres plc - Interim Results

The Board of Directors of Plaza Centres p.l.c. published the financial results for the six months ended 30 June 2004 on 14 September.

During the first six months of the year the Company’s turnover increased by 2.6% to Lm289,251. The Directors reported that occupancy levels at the complex remained high at 97.6%.

Marketing, maintenance and administrative costs amounted to Lm58,666, 5.5% lower than the costs of Lm62,088 incurred during the comparative period last year. This resulted in a 4.8% rise in operating profit before depreciation of Lm230,585.

The Company’s operating profit amounted to Lm163,858 (2003: Lm152,588) after deducting the charge for depreciation of Lm66,727. During the first six months of the year, the Company earned Lm11,920 in net interest compared to interest payable of Lm5,302 during the period January to June 2003.

Profit before tax for the first six months of the year amounted to Lm175,778, 19.3% higher than the profits earned in 2003. After accounting for taxation, the Company’s profits totalled Lm110,761 (2003: Lm92,277), resulting in a 20% increase in earnings per share of 1c2.

It was reported that the Company submitted two outline applications with the Malta Environment and Planning Authority for the development of properties in the immediate vicinity.

As in previous years, the Directors have not recommended the payment of an interim dividend.

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