On 27 May, Plaza Centres plc published its Interim Directors’ Statement covering the first three months of 2010. The Directors’ explained that during the period under review the financial position of the Company maintained a satisfactory level of performance in line with the Directors’ expectations. During the first quarter of 2010 Plaza continued with its expansion project which is due for completion in early 2011.
The Directors reported that occupancy remained high at 94% although marginally lower than the occupancy levels as at 31 December 2009 of 95.2%. Plaza expects a drop in occupancy during the third and fourth quarter of this year as some areas will be closed off to provide access and connectivity to the new wing. Nonetheless this dip in occupancy is not expected to materially affect the financial performance of the Company.
In conclusion, the Directors stated that they remain cautiously optimistic of the Company’s performance for the current year notwithstanding the slow down in the local economy.