Plaza Centres plc has reported an increase in revenue and profits in the six months to the end of June, saying the positive result was achieved mainly as a result of the extension completed at the end of last year.

It said that revenue for the period was €979,378 (2008: €874,849) an increase of 11.95%. Operating profit increased to €682,045 (2008: €604,653). Profit before tax amounted to €654,024 (2008: €596,459) representing an increase of 9.65% when compared to 2008.

Profit after tax increased by 9.28% to €414,964 (2008:€379,739).

Occupancy levels for the period remained high at 99.26% (2008:97.53%). There was a negligible change in the cost to income ratio which stood at 30.36% (2008:30.88%).

The directors said they did not anticipate any significant change in the company's performance for the rest of the year.

Plaza Centres recently completed a refurbishment and received a Mepa permit to commence phase three of its extension project in Bisazza Lane. Work will start in the fourth quarter of this year.

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