The Midi Group has reported a pre-tax loss of €2.5 million for the year which ended on December 31, 2012 compared to a profit of €3.0 million in the previous year.

Apartment sales amounted to €8 million (2011: €31.9 million).

The group said this drop in revenue resulted from the fact that it had sold most of its stock of residential units by the end of 2011 and therefore it had only limited residential stock for sale last year.

Development works last year were limited to the finalisation of the Pjazza apartments. Only six of the 22 apartments have remained unsold.

After substantial delays, full permits have been issued for a new residential block and an office block (T17 and T14) in Tigne' North and the group concentrated its efforts on project planning for them.

Revenue from property rental and management activities rose from €5.1 million in 2011 to €5.7 million in 2012, mostly due to an improvement seen at The Point shopping complex and retail and catering establishments at Pjazza Tigne'.

The group said the sale of The Point will release €20.9m back to the group. and strengthen its financial capabilities to enable it to fulfil its current plans. Midi will be reducing its aggregate borrowings in order to be in a position to raise additional finance for the development of T17.