25.6% rise in Plaza Centres` profit

Plaza Centres made a profit on ordinary activities before tax of Lm315,586, an increase of 23.1 per cent over the previous 12 months, and a net profit of Lm204,272, an increase of 25.6 per cent, in the financial year ended December 31, 2001.

Turnover increased by 3.8 per cent to Lm562,104.

The shareholders unanimously approved all resolutions put forward at the recent annual general meeting.

Plaza Centres will be paying a net dividend of Lm200,000 to its shareholders, equivalent to 2c2 per share.

Chairman Albert Mizzi reported that the company`s performance was satisfactory and in line with the expectations of the directors. He said the priority remained that of seeking new opportunities for growth. The expansion of the existing building remained high on the priority list.

The company has also been offered various opportunities for investment or management of other developments, however the directors believe that the company should only pursue those opportunities that could offer stability and a return to the shareholders, he said.

Julian Zammit, managing director and CEO, said in his presentation that despite competition and a slowdown in the global economy and locally, The Plaza Commercial Centre had stood its ground and continued to strengthen its position in the retail sector.