Plaza Centres plc’s profit before tax remains stationary for first half of 2010

The results were approved by the Board of Directors of Plaza plc during a board meeting held earlier today and filed slightly after 12.45pm with the Malta Stock Exchange (MSE) by company secretary Lionel Lapira.

Profit after tax for the company for the January to June 2010 period also increased slightly to €416,539 as against €414,964 during the first six months of 2009(an increase of €1,575 when compared to the half-yearly profits before tax registered last year).

Revenue for the company for the first half of 2010 was €1,051,509 (as against €979,378 during the first six months of 2009), an increase of 2.26% when compared to the same period last year.

However, occupancy for the complex decreased to 92% during the first six months of 2009 as against 98% registered during the first six months of 2010.

The company attributed this decrease “partly...to reorganisation of space due to the new extension”, which was currently under construction, as well as to “a drop in occupancy of the office floors”.

Plaza Centres plc was forecasting an increase in occupancy again at the complex “during the fourth quarter of 2010.”

The company explained how costs had been kept “at satisfactory levels” during the first six months of 2010 with the company’s cost to income decreasing very marginally to 30.26% in the first six months of 2010 as against a cost-to-income ration of 30.36% during the same period last year (a decrease of 0.10%).

Plaza Centre also announced that the development of the company’s new extension in Bisazza Street was proceeding “according to plan and is expected to be completed in early 2011”.

The company explained how remaining capital commitments under this extension amounted to €1.1 million, which would financed through “the company’s existing facilities with the company’s bank”.

In view of these results, the Board of Directors was not recommending the granting of any interim dividend (as was the situation last year).