29 March - 4 April 2001

Plaza reports positive results

At a meeting of the Board of Directors of Plaza Centres p.l.c. held this week company chairman Albert Mizzi reported positive results for the financial year ending 31 December 2000. He said that the company’s performance was both encouraging and in line with the results projected in the Offering Memorandum published in connection with the share issue in May 2000.
Mr Mizzi stated that turnover for the year 2000 was Lm542,306 (9.2 per cent increase over 1999), whereas profit on ordinary activities before tax reached Lm256,347, (63.4 per cent increase over 1999). Net Profit after tax amounted to Lm162,607, against Lm96,915 for 1999. These results translate into weighted earnings of 1c9 per share.
The Board of Directors are proposing a dividend of Lm 150,000 for the year 2000 for approval at the AGM to be held on 23 April 2001, in line with indications given in the Offering Memorandum in May 2000.
Throughout the period being reported, occupancy levels within The Plaza Commercial Centre remained at around 95 per cent. The Management Committee and the Board of Directors are assessing new prospects with a view to expand the existing Plaza Commercial Centre in Sliema. The company is also considering proposals for the development, management and letting of other prime commercial spaces. Through its expertise Plaza Centres p.l.c. has today established a sound track record in this field.