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MIDI registers loss of €2.5 million after tax

A lack of apartment delivery to their respective owners led MIDI to register a loss after tax of €2.5 million for the year ended December 31.

This followed a profit of €9.9 million for the previous financial year.

In a statement on the Malta Stock Exchange, MIDI said that, unlike in the previous year, it had very few apartments which it could deliver to respective owners.

Turnover for the year, including revenues from sales of property, amounted to €8.7 million (2015 - €41 million). Operating profit for the year amounted to €1.6 million (2014 - €13.1 million).

The financial statements are to be submitted for the approval of shareholders at the forthcoming annual general meeting on June 20.

The directors are set to recommend for the approval of the AGM the payment of a final net dividend of 0.7c per share.

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