The turnover generated by Plaza Centres amounted to Lm308,268 during the first six months of 2005, an increase of 6.6% over the comparative period last year. The Directors reported that occupancy levels at the shopping complex remained high at 96.4% (June 2004: 97.6%).
Marketing, maintenance and administrative costs dropped by 12.2% over the first six months of last year to Lm51,526. This contributed to an 11.3% increase in the operating profit before depreciation which amounted to Lm256,742.
The charge for depreciation dropped from Lm66,727 to Lm58,903, resulting in an operating profit of Lm197,839 during the period under review (June 2004: Lm168,858).
Profit before tax for the six months ended 30 June 2005 amounted to Lm207,607, a rise of 18.1% compared to the same period last year. After accounting for taxation, the profits earned by Plaza Centres in the first six months of 2005 totalled Lm132,154. Earnings per share increased by 16.7% from 1c2 in June 2004 to 1c4.
As in previous years, the Directors have not recommended the payment of an interim dividend.
In the interim report, the Directors state that the Company is in the process of reviewing its capital commitments in view of two extension projects which it intends to embark upon in the near future upon receipt of MEPA’s full development permits.