On 27 August, Grand Harbour Marina plc (GHM) published the 2010 half-year results to 30 June revealing a pre-tax loss of €463,157 compared to the €258,719 pre-tax loss reported in the comparable period last year. The higher loss was due to the increase in various expenses which offset the 13.7% increase in revenue. While no super-yacht berths were sold during the period, higher pontoon tariffs and increased occupancy rates helped revenue rise to €1.05 million.The Company incurred higher operating costs as a direct consequence of the increased revenue.
Moreover, following the successful January bond issue, GHM reported significantly higher interest expenses of €354,833 compared to €154,571 in the first half of 2009. In line with GHM’s growth strategy as explained in the bond issue Prospectus dated 25 January 2010, the Company incurred costs of €66,935 related to the furtherance of GHM’s potential investment in Mandraki Marina in Rhodes, Greece. In the interim report, the Directors revealed that the Company has been one of the shortlisted bidders.
The Directors did not declare an interim dividend.
Download a copy of the 2010 Grand Harbour Marina plc Half-Year Report