Plaza Centres shows steady growth in profitability

At a board meeting held on Monday, Plaza Centres Chairman Albert Mizzi reported satisfactory results for the year ended 31 December 2001, with turnover increasing by 3.28 per cent to Lm563,104.

The company registered a profit on ordinary activities before tax of Lm315,586, representing an increase of 23.1 per cent over the previous year and a weighted average earnings per share of 2c2.

As such, the company directors are proposing a net dividend of Lm200,000 to be paid to shareholders on the company’s register at the close of business on 21 March.

Chief Executive Julian P. Zammit reported that the results were very encouraging and are in line with the projections for the year. He added that, despite difficulties encountered in various sectors of the economy and growing competition, The Plaza Commercial Centre has stood its ground and continued to strengthen its position in the retail sector.

Mr Zammit explained that over the year weak links were addressed and successfully replaced with new operators offering an even wider choice of branded and local products. The Directors are now assessing opportunities for the further expansion of The Plaza Commercial Centre, as well as considering new ventures in its area of expertise.