MIDI registers pre-tax profit of €1.7m on sales of €20 million

The group said the profit levels were in line with the nature of the Group’s business activities, where gross profitability varies in relation to the volume of contracted sales of residential units and the cost of sales directly attributable to these sales.

Group revenues amounted to €22.6 million, of which aggregate sales revenue of €20.5 million resulted from the execution of the final deeds of sale for a number of residential apartments in Tigné Point’s T10 block.

The Point shopping mall and the underlying public car parking, launched in March 2010, were in operation throughout the first half of 2011 and both have shown a steady increase in activity levels, the Group said.

Construction works were focused on the final stages of the Tigné North underground levels which comprise garages and parking spaces together with significant infrastructural investment spend n plant rooms, access roads and services necessary to support the Tigné Point development.

In addition finishing works on 22 designer apartments overlooking Pjazza Tigné are processing on schedule forth expected launch of these apartments before the end of the current year. Midi continued carrying out restoration works on Fort Manoel in accordance with obligations arising out of the deed with the government.