MaltaMedia.com

The Board of Directors of MIDI plc met on Monday to approve the financial statements of the Group for the six month period ended on 30 June 2011. The Group registered a pre-tax profit of €1.79 million compared to €0.84 million for the comparative period last year. The significant increase in profitability is in line with expectations and with the nature of the Group, where gross profitability levels vary in relation to the execution of the final deeds of sale for residential units.

Group revenues amounted to €22.6 million (2010: €9.1 million) mainly arising from the delivery of a total of 23 apartments to owners during the first six months of the year. Moreover, revenue from ‘The Point’ shopping mall and the underlying public car parking that were launched in March 2010 were in operation throughout the entire first six months of 2011 contributing €2 million to overall revenues. A steady increase in footfall was evident throughout the period.

Since year ended 31 December 2010, MIDI registered an increase in shareholders’ funds of 1.7% to €64 million. On the other hand, the Group’s total assets decreased by 4.8% to €241 million during the first half of 2011. This was mainly due to the completion and sale of residential apartments. The Group’s borrowings decreased by 7% to €92 million.

The retail outlets on Pjazza Tigné have also been completed and a number of the units have been leased and are expected to open for business during the coming months. Construction works during the first half of 2011 were focused on the final stages of the Tigné North underground levels which comprise garages and parking spaces together with significant infrastructural investment in plant rooms, access roads and services necessary to support the Tigné Point development. In addition, finishing works on 22 designer apartments overlooking Pjazza Tigné are proceeding on schedule for the expected launch of these apartments before the current year end. MIDI continued carrying out restoration works on Fort Manoel in accordance with obligations arising out of the deed with the Government of Malta.

MIDI’s CEO Mr Ben Muscat commented that during the second half of 2011 the Group is expecting to continue delivering the last T10 apartments to their new owners, although the level of apartment deliveries is expected to be lower than the amounts registered during the six months ended 30 June 2011.