Plaza Centres profit grows

Plaza Centres has announced a 2009 pre-tax profit of €1,315,411 (2008: €1,230,451) an increase of 6.9 per cent compared to 2008. Profit after tax increased by 6.79 per cent to €836,783. Revenue for the year was €1,999,827 (2008: €1,837,848). Occupancy...

Plaza Centres has announced a 2009 pre-tax profit of €1,315,411 (2008: €1,230,451) an increase of 6.9 per cent compared to 2008. Profit after tax increased by 6.79 per cent to €836,783. Revenue for the year was €1,999,827 (2008: €1,837,848).

Occupancy levels remained high at 94% (2008 96.8%) and similar occupancy levels are anticipated during 2010, the company said. The 2009 cost-to-income ratio decreased marginally to 29.8% (2008:30.28%).

The company said it purchased additional property adjacent to the Plaza centre in Sliema and started work on phase three of its expansion project in the fourth quarter of 2009.

The completion date is December or early next year.

The directors said the market indications for 2010 appear to be as challenging as they were last year. The directors recommended the payment of a final net dividend of €790,776 or €0.084 net per share (2008:€744,647, €0.079).

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