Malta Properties Company p.l.c. (MPC) has announced pre tax profits of €1.4 million for 2015. This was based on revenues from rental income of nearly €3.2 million. This is the first set of annual results to be published after MPC’s successful spin-off from GO p.l.c. (GO) last year.
MPC CEO, Nikhil Patil, said: “These results are largely in line with expectations, based on the long term lease agreements which MPC has in place with GO and other tenants and which were detailed in the prospectus published prior to the spin-off. These agreements provide strong visibility on medium term rental revenue and are, therefore, the foundations which will underpin various development projects within our extensive property portfolio.”
In line with its strategic plans, MPC is currently focussing its energies on three main projects. These are: the redevelopment of the Zejtun Exchange, the Marsa Spencer Hill Exchange, and the Birkirkara Exchange. The transformation of these three sites into leading technical, data, commercial and retail centres should have a significant positive impact on rental income from 2019 onwards.
MPC Chairman, Deepak Padmanabhan, said: “2015 has been in many ways a foundation year for MPC, with the spin-off from GO giving the Company’s executive management the opportunity to really begin to focus on maximising the potential of the 12 sites within its portfolio. In 2016 we will see construction work begin on several fronts as MPC strives to become Malta’s leading provider of premium commercial real estate. MPC’s positive results for 2015, and the stable revenue outlook, reflect the Company’s sound financial position and augur well for a bright future.”