The MIDI Group registered a profit before tax of €3 million in 2011 compared to a profit of €1.5 million in the previous year.
In a statement, the group said that apartment sales in the form of final contracts with a total value of €32.0 million (2010: €22.8 million) were concluded. These
included the final apartments in the Tigné South phase together with apartments in the T10 block where the first sales were concluded in 2010.
Revenue from commercial properties totalled €5.1 million, having increased from €3.7 million in 2010.
Residential construction works were concentrated on the finishes of 22 new apartments overlooking Pjazza Tigné which were launched close to the year end.
"The market response on these apartments has been positive and almost half of these Piazza apartments are subject to promise of sale agreements as at the date of approval of these financial statements," it said.
Construction of the basement levels for the Tigné North phases comprising four levels of underground parking, distribution roads and plant rooms has been
virtually completed.
The group pointed out that the financial year ended 31 December 2011 marked the first full year of operation for 'The Point' Shopping mall and the public car parking underlying 'The Point' and Pjazza Tigné.
"Results from these two commercial operations have been encouraging with significant increases in revenues, footfall and car park occupancy registered.
In January 2012, the Malta Environment and Planning Authority (MEPA) issued the full development permits for the forthcoming phases at Tigné North.
The Group said it is now preparing to embark on the final phases of its Tigné Point development. This will include a mix of residential units, offices, commercial offers together with open public spaces and regenerated heritage sites.
"General financial and economic conditions remained uncertain and visibility in this regard remained poor resulting in tighter liquidity availability," it said.
"This situation is likely to persist thus creating new challenges for the Group in terms of planning future phases. The Group has been reviewing its financing arrangements to ensure that it is in a position to meet its short-term operational and cash flow commitments. After the end of the reporting period, the Group's bankers and a number of Restricted Shareholders have confirmed their willingness to support the Group's financial requirements.
"MIDI p.l.c. is reviewing its funding strategy in the context of the timing of the different development stages of the Tigné Point and Manoel Island project to sustain the Group's long-term prospects. The Group's funding requirements in the longer term could result in changes to the use of the asset base pertaining to the different phases of the project."