Pavi Shopping Complex gross profit up by €504,633 for 2010

However, profit after tax for Pavi Supermarket stood at €382,704 at the end of FY 2010 as against €263,583 at the end of the previous financial year, an increase of €119,121 for the period.

In a directors’ statement published on the Malta Stock Exchange (MSE) yesterday, the company explained that performance over the period under review had witnessed “a constant improvement in turnover and margins when compared to the previous year’s financial statements”.

The group earnings per share as at 30 April 2010 stood at 10.6c as against €7.3c in the previous financial year, an increase of €3.3c per share.

At the end of this financial year, the company’s directors have declared a net dividend of €45,500 as against nil in 2009.

The financial statements showed that during the last financial year, Pavi Supermarkets generated a total revenue of €27.7 million as against €24.9 million during the previous financial year, an increase of €2.8 million for the period.

During the financial year ending 30 April, the group generated a total cost of sales of €22.2 million as against a total cost of sales of €20 million for the previous financial year, an increase of €22.2 over the period.

However, the company’s operating profit for the financial year ending 30 April 2010 was only €1.4 million as against €1.1 million, an increase of €1.1 million when compared to the same period last year.

Outlining the outlook for the next financial year ending 31 April 2011, the company’s directors explained how the performance of the group after year end would continue “to improve when compared with results obtained in 2010.

“The directors are optimistic and confident that due to continued effective management, the company’s results will continue to improve in the foreseeable future not withstanding the increased competition within the supermarket industry,” the Pavi Supermarket directors concluded their outlook for the next financial year.

After year end, Pavi had announced that on 15 June 2010 and 6 July 2010, it had repurchased bonds at a nominal value of €100 each from its bondholders for a total value of €780,473.

These acquisitions had been made in accordance with the provisions set in the bond prospectus dated 28 September 2007,” the company directors concluded their statement.