Tigné Mall registers interim profits of €340,000

The shopping mall formerly part of the Midi Group, developers of Tigné Point and Manoel Island, registered a profit after tax of €340,609 (€167,937 interim 2012) for the six-month period in 2013.

The increase was mainly attributed to an increase in rental revenue and a decrease in the finance costs resulting from the reduction in bank borrowings which the company effected from the proceeds of a share issue earlier this year.

In April 2013, Midi plc sold all ordinary shares held in Tigné Mall plc, leading to an issue of 14 million shares that was mainly taken up by institutional investor MSV Life plc and the general public.

The company continued with its normal trading activities, with the shopping mall continuing to be fully let, reporting an "encouraging increase" in footfall and tenant sales. "The directors anticipate that the level of activity will continue to increase during the latter half of the year," the company said.

Current liabilities exceeded assets by €987,588 (€1.02 million).

The company paid Midi plc and Tigné Contracting Ltd €174,946 in respect of the profits generated by the company prior to its sale.

As projected, the board of directors will not recommend the payment of an interim dividend.