On 26 September 2018, Trident Estates plc published its interim financial results for the six-month period ended 31 July 2018.
During the first half of the 2018/19 financial year, Trident generated €0.53 million in revenues which is significantly higher than the corresponding figure of €0.4 million. The increase in revenues largely reflects the acquisition of the remaining 50% of the issued share capital of Sliema Fort Company Limited – the company which holds the title of the lease of “Il-Fortizza” which is currently operated by a third party.
On the expenditure side, total costs also increased notably to €0.42 million (H1 2017/18: €0.24 million) reflecting costs related to the listing on the Malta Stock Exchange as well as expenses related to the development of the Trident Park project.
Overall, the company reported a pre-tax profit of €0.11 million. However, after accounting for tax charges of €0.12 million, Trident posted a net loss of €0.01 million.
The condensed Statement of Financial Position as at 31 July 2018 (compared to the figures as at 31 January 2018) shows that total assets increased by nearly 5% to €41.7 million. On the other hand, total liabilities expanded to €4.61 million whilst total equity remained virtually unchanged at €37 million. This translates into a net asset value per share of €1.2348 (31 January 2018: €1.2351).
The Directors of the company noted that they are not declaring an interim dividend but shall determine the extent of any final dividend on the basis of the full year results.
Trident Park project
The company explained that the Trident Park project is proceeding as planned and should be able to receive its first tenants at the start of 2021.