Fort Cambridge developers post €3.8 million pre-tax loss in interim 2012

The developers of Tigné's Fort Cambridge luxury apartments have posted a €3.88 pre-tax loss for the interim period ending 30 June 2012, compared to €1.43 million in pre-tax losses in the 2011 interim.

During the period under review, the construction of the Fort Cambridge apartments was completed, with the company concentrating its efforts on the total completion of all blocks in order to sign the final deeds of sale.

"Although there were still some finishes to be completed in full and some snagging which will be rectified in the coming weeks, contracts on apartments in al blocks have also started being published," the company said.

The directors, which include tuna farming magnate Charles Azzopardi whose Tigné Skies Ltd owns 75% of Fort Cambridge, said they were "cautiously optimistic" that now that the development has almost been completed, sales will pick up momentum.

"In spite of depressed worldwide economic conditions, management continued to market the project aggressively both locally and abroad while at the same time effectively controlling expenditure and ensuring commitments are met on time.

"In spite of the surrounding challenging business climate which has naturally affected the overall sales targets, sales during the period under review have been largely on course, in the number but also in the price range."

During the same period, Gap Developments plc repurchased 3,300,708 7% secured bonds for the 207-2013 period from its bondholders, and all bonds purchased by the company were cancelled.