Midi, the group responsible for the development of Tigne Point and Manoel Island, said today that it made a pre-tax profit of €1.79 million in the first six months of this year, compared to €0.84 million for the comparative period last year.
It said the significant increase in profitability was in line with expectations and with the nature of the group, where gross profitability levels vary in relation to final deeds of sale for residential units.
Group revenues amounted to €22.6 million (2010: €9.1 million) mainly arising from the delivery of 23 apartments to owners during the first six months of the year. 'The Point' shopping mall and the underlying public car parking contibuted €2 million to overall revenues.
Since year ended 31 December 2010, Midi had registered an increase in shareholders' funds of 1.7% to €64 million.The group's total assets decreased by 4.8% to €241 million during the first half of 2011. This was mainly due to the completion and sale of residential apartments. The Group's borrowings decreased by 7% to €92 million.
Midi said the retail outlets on Pjazza Tigné have also been completed and a number have been leased and are expected to open for business during the coming months.
Construction works during the first half of 2011 were focused on the final stages of the Tigné North underground levels which comprise garages and parking spaces together with significant infrastructural investment in plant rooms, access roads and services necessary to support the Tigné Point development.
Finishing works on 22 designer apartments overlooking Pjazza Tigné are proceeding on schedule for the expected launch of these apartments before the current year end.
Midi also continued restoration works on Fort Manoel in accordance with obligations arising out of the deed with the government.
CEO Ben Muscat said that during the second half of 2011 the group expects to continue delivering the last T10 apartments to their new owners, although the level of apartment deliveries is expected to be lower than the amounts registered during the six months ended 30 June 2011.