The Board of Directors of Plaza Centres plc have published their half-year results to 30 June 2006. Similar to last year, the Directors have not recommended the payment of an interim dividend.
During the six-month period between January and June 2006, revenue generated by Plaza Centres amounted to Lm313,031 representing a 1.5% rise over the turnover in the comparative period last year as the Directors reported a higher occupancy level at 98.74%. Marketing, maintenance and administrative costs dropped marginally to Lm50,062. The Company’s operating profit before depreciation during the first six months of the year increased by 2.4% to Lm262,969. After accounting for depreciation and net interest receivable, Plaza’s pre-tax profit amounted to Lm211,894 – 2.1% above that generated in the first six months of 2005. The charge for tax increased to Lm78,589 resulting in a profit for the period of Lm133,305 (2005: Lm132,154). The earnings per share increased marginally to 1c42 per share.
In the half-yearly report, the Directors stated that the Company recently received a full development permit from the Malta Environment and Planning Authority (MEPA) in respect of phase II of its expansion plans. Phase II will result in an extension of circa 1,200 sq. metres (430 sq. metres of retail space and 770 sq. metres of office space) from the development of the airspace between Plaza’s existing Tower Road entrance to the corner of Guze Fava Street and the Centre’s other entrance on this street. The Company has invited suppliers to tender for this project with works expecting to commence in the coming months.