On 8 March Plaza Centres plc announced its full year results for the financial year ended 31 December 2011.
During 2011, Plaza Centres reported a 6.6% increase in total revenue to €2.2 million mainly as a result of the March 2011 extension of the shopping complex which increased rentable area by 1,700 sqm. Despite the additional area, occupancy levels during the year remained high at 92% (2010: 96.1%). Plaza Centres incurred an increase in marketing, maintenance and administrative costs of 4.4% to €358,263 also in view of the the new area. After accounting for a depreciation charge of €360,502 (2010: €333,925), the Company’s reported operating profit of €1.48 million represents a 6.9% increase over 2010. For the year ended 2011, Plaza Centres reported a cost to income ratio of 32.7%, a marginal improvement over previous year (2010: 32.8%). Net finance costs for the year grew by €92,105 to €166,990 due to the additional borrowing required for the extension of the shopping complex.
The company reported a marginal increase in pre-tax profits of €1.31 million and a similar improvement in profits after tax of €835,461 (2010: €832,700) which translates into an earnings per share figure of €0.0887.
The Board of Directors proposed a slight increase in the final net dividend of €0.0754 per share payable to all shareholders as at close of business on 18 April. This dividend will be paid on 25 May following approval at the Annual General Meeting scheduled to take place on Thursday 24 May.
During the upcoming AGM, a 3 for 1 share split will also be proposed. The company explained that further details regarding the share split will be issued through an explanatory circular which will be sent to all shareholders together with the Annual Report.
Download a copy of the Plaza Centres plc 2011 Preliminary Results.