Grand Harbour Marina registers €3.99 in revenue, 17% growth

The first nine months of 2013 saw revenues increase by 17%, reaching €3.99 million, compared to €3.42 million for the same period in 2012. Cost of sales and operating costs, excluding depreciation and finance costs, reached €2.71 million compared to €2.52 million last year an increase of 8%.

After deducting depreciation of €0.55 million and finance costs of €0.75million, the loss before tax decreased from €0.44 million in 2012 to €0.02 million this year.

Total revenues at Grand Harbour Marina increased by 12%, reaching €2.29 million during the period January to September 2013, when compared to €2.05 million in the same period of 2012. Cost of sales and operating costs, excluding depreciation and finance costs, were €1.66 million, an increase of 2% over last year. As in 2012 no berth sales were registered during the first nine months of 2013.

After deducting depreciation of €0.24 million and finance costs of €0.52 million the loss before tax was reduced from €0.40 million in 2012 to €0.13 million this year.

IC Cesme Marina also continued to increase its revenue. Revenue for the first nine months of this year reached €3.77 million (our 45% interest €1.70 million) compared to €3.04  million (our 45% interest €1.37 million) for the same period of 2012 representing a 24% increase. Cost of sales and operating costs, excluding depreciation and finance costs, increased by 17% from €2.00 million (our 45% interest €0.90 million) last year to €2.33 million (our 45% interest €1.05 million) this year.

After deducting depreciation of €0.69 million and finance costs of €0.5 million the loss before tax of €0.09 million (our 45% interest €0.04 million) in 2012 has been turned into a profit before tax of €0.25 million (our 45% interest €0.11 million) this year.

Appointments

Following the resignation of Nick Maris in late 2012 from the post of Director and Chief Executive Officer, the Board of Directors has appointed Clive Whiley, who is also CEO of Camper & Nicholsons Marinas Investments Ltd and a Director of the Company, to the post of CEO of Grand Harbour Marina plc. Whiley's deep and extensive international business experience will be an asset to the Company, as it seeks to maximize its revenue potential and reduce further its costs.

7% Bonds 2017 - 2020

The Company announces that it has instructed the HSBC Bank Malta p.l.c. in its capacity as trustee of the sinking fund to utilise amounts of that fund to re-purchase such 7% Bonds 2017-2020 as it can. This is permitted in terms of the Bond Prospectus dated 25 January 2010.