Eden Finance plc registers modest increase in profit for first half of 2010

During the period under review, the company registered a profit before taxation amounting to €21,640 as against €21,041 registered for the same period last year, a slight increase of €599 for the period.

For the first six months of 2010, Eden Finance plc paid €7,574 in taxes on the company’s ordinary profit as against €7,341 paid for the first six months of 2010, a slight increase of €233 for the period.

The company board approved the interim financial results during a board meeting on 20 September 2010.

The interim result was filed this morning at the Malta Stock Exchange (MSE) by company secretary Simon De Cesare.

The company registered earnings per share of 2c81 for the first six months of 2010 as against 2c74 for the first six months of last year, a slight increase of €0.07 for the period.

During the period under review, interest income earned on advances of the parent company, Eden Leisure Group Limited, totalled €854,528 as against €826,928 for the first six months of 2009, an increase of €27,600 for the period.

On the other hand, interest payable to bondholders amounted to €806,093 for the first six months of 2010 as against €780,340 for the first six months of 2009, a slight increase of €25,573 for the period.

In June 2010 Eden Finance plc had raised €15 million in bonds with a coupon rate of 6.6% with a maturity expiring between 2017 and 2020.

The directors’ explained in their financial statements that these funds would be used “to repay outstanding bonds due for redemption on 12 October 2010”.

As to the outlook for the next six months of 2010, the directors did not anticipate “significant changes in the performance during the last six months of the current year.