On 12 August, Tigné Mall plc published its interim results covering the six months ended 30 June 2016.
During the first half of 2016, the Company registered an 8.1% increase in revenue to €2.83 million on the back of further increases in footfall and tenant sales whilst the shopping mall remained fully let.
Cost of sales increased by 6.2% to €0.81 million leading to an improvement of 8.9% in the gross profit to just over €2 million. The gross profit margin improved marginally to 71.4% from 70.9% in the previous comparable period.
Administrative expenses also increased by 21.4% to €0.19 million giving an operating profit of €1.8 million, representing an increase of 7.1% from the comparative period last year.
The Company’s financial performance was also positively impacted by a 14.1% drop in net finance costs to €0.42 million as the level of bank borrowings was reduced by a further €1.7 million since December 2015.
Overall, Tigné Mall plc reported a pre-tax profit of €1.42 million, 16.4% higher than the comparable figure in the first six months of 2015. After accounting for a tax charge of €0.61 million (H1 2015: €0.54 million), the Company’s net profit for the period under review amounted to €0.81 million compared to €0.68 million in the first half of 2015. This translates into earnings per share of €0.0144 (H1 2015: €0.0121).
The condensed Statement of Financial Position shows a 1.2% drop in total assets to €65.3 million which mainly relates to the depreciation charge on the Company’s property, plant and equipment. Tigne Mall also reported a 2.8% decrease in total liabilities to €30.1 million largely attributable to the aforementioned reduction in borrowings. Overall, shareholders’ funds grew by 0.3% over the past 6 months to €35.2 million as the net profit registered during the period under review was mostly outweighed by the final dividend paid in respect of the 2015 financial year. This translates into a net asset value per share as at 30 June 2016 of €0.624.
The Directors declared a net interim dividend of €0.0125 per share, representing a 25% increase over last year’s interim dividend. This will be paid on 16 September to all shareholders as at close of trading on 18 August.
Looking ahead, the Directors noted that they expect the level of activity registered during the first half of the year to be maintained during the latter half of 2016.