GO spin-off announces ‘ambitious’ development projects

Malta Properties Company (MPC) held its first Annual General Meeting as a publicly listed entity, following its successful spin-off from telecommunications company GO last year.

The meeting, addressed by chairman Deepak Padmanabhan, CEO Nikhil Patil and CFO Daniela Zammit, reviewed MPC’s performance during 2015, when the Company registered pre-tax profits of €1.4 million, based on revenues from rental income of nearly €3.2 million.

Patil presented shareholders with a review of the ambitious redevelopment projects for three specific sites in Zejtun, Marsa and Birkirkara, for which preparatory work is at a very advanced stage.

“In 2016, we will see a significant increase in activity as work begins in earnest on these particular sites. Of course, it will take some time for construction work to be completed but by 2019 we should start to see significant increases in revenue from these properties,” Patil said.

On his part, Padmanabhan said “MPC’s first set of results give us grounds for optimism. The positive result, coupled with the long term lease agreements on different properties which we have in place with both GO and Vodafone, should result in stable revenues for the foreseeable future. This stability should stand us in good stead as we look to unlock the value of our entire property portfolio which covers 12 sites that are already valued at more than €54 million.”

Zammit focused on the financial performance and position of MPC for the year ended 31 December 2015. She highlighted the fact that the long term rental agreements which MPC has in place are providing the necessary stability and confidence needed for the company to continue its operations in line with its plan and strategy.

Padmanabhan added that Malta Properties Company is at the start of its journey. "Strong foundations have been put in place and the Company is truly coming to life with work on a number of projects underway. We are now completely focused on delivering premium property services to our clients.”