Plaza Centre register 87.3% profit increase

At a meeting of the Board of Directors of Plaza Centres p.l.c. held last week, Plaza Chairman Albert Mizzi reported satisfactory and encouraging interim results for the six months ending 30 June 2001. He added that the company’s performance was materially in line with the Directors’ expectations and also reflect the reduction in finance charges following the share issue last year.

The Chairman stated that turnover for the period was Lm272,930 – marking an increase of 3.6% over the same period in 2000. Profit on ordinary activities before tax for the period amounted to Lm150,748 representing an increase of 87.3% over the comparative figure for 2000. Profit after taxation amounted to Lm97,790 (Lm48,939 for 2000). These results translate into weighted earnings of 1c per share.

Throughout the period being reported – occupancy levels within The Plaza Commercial Centre remained high at between 95% to 97% and are due to increase slightly before the end of the financial year. The Management Committee and Board of Directors are actively pursuing the expansion of the existing Plaza Commercial Centre in Sliema. The company is also considering other potential opportunities within its area of expertise, including awaiting the outcome of the evaluation of the Valletta Entrance Project tender in view of its interest in the Civitas Consortium, one of the two consortia bidding for the project.