Malta Internatinal Airport intends to extend the winter landing fees incentive introduced in 2011 for another year, which means that the landing fees of all scheduled airlines during the winter months will be refunded in full. The scheme will run for the winter months of November and December 2015 and for January, February and March 2016. This initiative will cost the company an estimated €1.3 million in lost revenue.
MIA sold its 10 per cent shareholding in Valletta Cruise Port plc this month to existing shareholders, giving rise to a pre-tax gain in its books of €1.86 million.
Passenger movements at the airport from January to October 2015 are up by 7.4 per cent over last year. Traffic for the remaining months of 2015 is expected to be similar or slightly higher than those of 2014, reaching over 4.5 million movements by year end.
GlobalCapital
Global Capital announced that the transformation strategy aimed at generating revenue growth, reducing operational costs and ensuring long-term financial stability was generating the desired results for the group, allowing the positive performance to continue throughout the reporting period.
The company’s life insurance subsidiary, GlobalCapital Life Insurance, registered growth during the first nine months of 2015 when compared to the business registered during the same reporting period in 2014. The health insurance agency’s results remained in positive territory with both revenues and costs in line with the prior year. The investment company registered a decrease in its fees, which adverse impact was more than offset by the reduction in the company’s cost base.
Throughout the last months further action was taken in relation to the divestment of the group’s local property portfolio. In due course this will further reduce the overall property exposure to bring it in line with the board’s expectations.
Further to the resolutions approved at the general meeting held on September 16, it is the directors’ intention to give effect to the shareholders’ resolution to increase the company’s issued share capital during the early course of 2016.
Midi
Midi company recently engaged an international consulting firm with the aim of reviewing the design concept of the Manoel Island development. In the meantime, the company remains in discussions with third parties that have expressed an interest to invest in the project.
Midi continued to enter into the definitive deeds of transfer pertaining to the Q1 apartments. The company is projecting to register a profit for the 2015 financial year following the transfer of Q1 apartments.
Construction work on the Q2 block is progressing according to plan, with completion projected for 2017.
Works on the business centre at Tigné Point, owned by Mid Knight Holdings, in which Midi holds a 50 per cent shareholding, are progressing well.
As announced on the September 15, Solutions and Infrastructure Services (SIS) became a fully owned subsidiary of the company during the relevant period.
Through additional investment and a certain element of restructuring, the company said there was a solid foundation to turn around the financial results of SIS.