Malta Properties Company plc – Approval of Interim Financial Statements 30 June 2016

The Group registered a profit before tax of €928,358, compared to €659,074 registered in 2015, increasing by 40%. The total comprehensive income for the period declined from €1,702,723 in 2015 to €551,115. This decrease is mainly attributable to the tax credit for the period ended 30th June 2015 which resulted due to changes of the taxation rules on capital gains tax arising on transfer of immovable property.

Revenue for the period under review amounted to €1,662,925 a rise of 3.4% from 2015, which is expected to remain stable and increased in line with inflation as MPC has long term lease agreements with its tenants. Finance costs have decreased significantly for the period under review as borrowings decreased from €49 million to €16 million.

Directors have resolved to determine the extent of any dividend distribution for 2016 on basis of the full year results, and accordingly no dividends are declared on the issue of these interim results. 

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