Malta Properties Company plc

Malta Properties Company plc announced that the group's profit after tax for the year was €4.6 million, up by 82.8% from the figure for 2016 of €2.6 million.

Operating profit however declined by 29% in 2017 to €1.8 million from €2.5 million registered in the previous year. An 84% increase in administrative expenses was partially responsible for this decline as it did not result in a parallel rise in rental income, which was in fact marginally lower to €3.1 million.

The decline was offset by an adjustment arising on the fair valuation of property of just under €5 million, compared with the previous year's figure of €1.7 million.

Consequently, the earnings per share figure for 2017 was €0.05, significantly higher than the €0.03 of 2016.

To view the official announcement, click here.