GHM reports higher revenue in Q1

Grand Harbour Marina plc this morning published its Interim Directors' Statement covering the performances of its two marinas during the first quarter of 2012 - the Grand Harbour Marina in Malta and the IC Cesme Marina in Turkey (in which it holds a 45% beneficial interest). GHM reported a 16% increase in revenue at the marina in Malta to €0.35 million on the back of continued high occupancy levels and a moderate rise in berthing tariffs.

However, no super-yacht berth sales were concluded during the first quarter of 2012 but GHM stated that there is an interesting pipeline of opportunities and the Board of Directors continues to believe that the securing of long-term berths remains a matter of timing. In Turkey, berthing revenues doubled during the first three months of the year to €0.3 million while retail activity revenues grew by 36% to €0.18 million.

Shortly after the close of today's session, GlobalCapital plc issued its Interim Directors' Statement.

It said that its operating results for the first quarter of 2012 registered an improvement over the same period last year. With continued downward pressure on disposable incomes and consumer caution generally, revenues in the period under review remained broadly at the same levels as the first quarter of 2011. The prevailing volatility in the financial markets continued to subject the company to adverse fair value movements, but significantly less than in the previous year. Furthermore, GlobalCapital said, expenses were at a lower level compared with the same period last year following active steps taken to improve productivity and operational efficiency, and the overall results therefore compare favourably.

On the secondary market today, only four equities were active today and trading volumes were weak. After GO plc's equity touched a fresh all-time low of €0.70 yesterday, no further offers were placed on the market today and the share price edged 2.7% higher to €0.76 on a single trade of only 1,000 shares.

Bank of Valletta plc recovered by 1% from yesterday's close of €2.10 also on low volumes of 5,554 shares. Support for BOV's equity is increasing at the €2.10 level with offers at €2.12. On the other hand, the share price of Lombard Bank Malta plc eased by 0.8% to a new 2012 low of €2.35. Elsewhere, a miniscule trade of 500 shares in Island Hotels Group Holdings plc took place at €0.85. Island Hotels will be holding its Annual General Meeting on Thursday.

On the bond market, the Rizzo Farrugia MGS Index was marginally unchanged at 991.063 points with minor changes in the indicative bid prices quoted by the Central Bank of Malta. Eurozone yields partially recovered later on this morning from yesterday's all-time lows following the news that the German economy avoided a recession and grew by 0.5% in the first three months of 2012.

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