On 24 March Grand Harbour Marina plc issued its 2008 full-year results showing a substantial decline in revenue as the Company only registered €1 million from the grant of super-yacht berths for long term use during 2008 compared to €10 million in 2007. Meanwhile pontoon fees and revenue from ancillary services increased by 28% to €1.5 million. Operating costs declined by 33.8% mainly due to lower direct costs in relation to the licensing of long term berths. This resulted in a pre-tax loss of €0.4 million compared to a pre-tax profit of €6.6 million in the previous year.
Following the loss incurred by the Company, the Directors did not recommend the payment of a final dividend.
A copy of the Preliminary Profits announcement can be downloaded here.
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