Plaza Centres profit grows - expansion continuing

Plaza Centres has announced a 2009 pre-tax profit of €1,315,411 (2008: €1,230,451) an increase of 6.9% when compared with 2008. Profit after tax increased by 6.79% to €836,783 (2008:€783,566).

Revenue for the year was €1,999,827 (2008: €1,837,848)

Occupancy levels for the year remained high at 94% (2008 96.8%) and similar occupancy levels are anticipated during 2010, the company said. The 2009 cost-to-income ratio decreased marginally to 29.8% (2008:30.28%).

The company said it purchased additional property adjacent to the existing Plaza Commercial Centre and started work on phase three of its expansion project in the fourth quarter of 2009. The completion date of this phase is December 2010 or early 2011.

The directors said that market indications for 2010 appear to be as challenging as they were last year, in view of the changing dynamics of the the local market. The directors recommended the payment of a final net dividend of €790,776 or €0.084 net per share (2008:€744,647, €0.079 net per share).