On 28 December, PAVI Shopping Complex plc published its financial results for the six months ended 31 October 2010. The financial statements show a 4.5% increase in turnover to almost €14.2 million coupled with an overall marginal decline in in operational costs. This led to a substantial improvement in the company’s pre-tax profit to €427,197 from the level of €205,706 recorded in the same period last year.
The Directors explained that during the period under review it re-purchased and subsequently cancelled €780,473 (nominal) of its 7% Secured Bonds which are listed on the Alternative Companies List of the Malta Stock Exchange and are due to mature in 2017.
In conclusion, the Directors expressed their confidence that the company’s financial performance will continue to improve in the foreseeable future.