On 10 November, MIDI plc published its Interim Directors’ Statement covering the period from 1 July 2011 to early November. The Directors explained that sales of apartments in the second half of 2011 have been lower when compared to the first half of the year. Meanwhile, the new apartments overlooking Pjazza Tigne’ are in an advanced stage of completion and will be launched later this month.
MIDI also reported that construction works of the Tigne’ North basement levels are in the final stages and also nearing completion. A section of the basement was opened for vehicular traffic earlier this year thus providing better accessibility to commercial activities in the area.
The remaining developments to took place at Tigne’ North are currently awaiting approval by the Malta Environment and Planning Authority (MEPA). MIDI explained that no other significant construction work is expected to be carried out prior to the issue of the full development permits for T14 (Office Block) and T17 (Apartment Blocks) which are expected shortly. MIDI also confirmed that although the proposed Tower Block (T20) will not be developed, this is not expected to impact future revenue streams from the forthcoming stages of development and will not have an adverse impact on the Group’s financial position.
MIDI re-iterated that its aim is to continue focusing on strengthening its operating profit through finalizing further sales of apartments. The Directors also confirmed that the Group financial performance during the current year to 31 December 2011 is expected to be in line with expectations.
During 2010, MIDI generated total revenue of €25.9 million and a profit of €0.78 million. Meanwhile during the first six months of 2011, MIDI’s profits amounted to €1 million.