Midi plc reports €1.4m pre-tax profit

Unaudited accounts for the six months ended June 30, 2009, show Manoel Island and Tignè Point developer Midi plc posted a pre-tax profit of €1,378,426, a slight increase over the €1,328,282 pre-tax profit in the same period last year.

Revenue generated in the six months amounted to €19,667,606 (June 2008: €26,533,962). Gross profit stood at €2,218,508 (June 2008: €2,006,928) and operating profit at €1,667,353 (June 2008: 1,594,395).

The directors have not recommended the payment of an interim dividend.

In the six months to June, the group delivered a further 36 apartments in Tignè South to their new owners, realising total revenue of €19.7 million. Construction works focused on The Point shopping mall and the Pjazza, and works on apartments known as the Plaza Block surrounding the Pjazza. Both The Point and Pjazza are scheduled to open for business next year. Other works consisted of finishing the Tignè South Clubhouse with the swimming pool hosting the first guests in June.

Mechanical and electrical installations and finishes of the T10 residential block which consists of 59 apartments are on schedule. Construction of the foundations and basement levels of a new phase, which will consist principally of a 16,000-square metre office block and two north-facing residential blocks, continued.

Midi also continued to carry out various infrastructural and restoration works both at Tignè Point, including Fort Tignè, and at Fort Manoel at Manoel Island.

Despite the economic downturn, the company said preliminary agreements for new apartment sales for the first six months of the year remained satisfactory and at sustained price levels. There are no particular risks and uncertainties that are expected to have significant impact on the finanacial results of the group for the forthcoming six-month period and its financial position at December 2009, Midi said.

In January, Midi successfully issued bonds with a face value of €40million. Part of the funds collected were used to restructure the financing of the group while the remaining funds are being retained by the company to part finance the T14 office block and T17 residential blocks in the coming months.