Last Updated 27 | 02 | 2014 at 12:14


New Parliament to be ready by September

Article By: news

The new Parliament building is expected to be finalised by September in time to welcome Members of Parliament after the summer recess.

The company which owns the site, Malita Investments, said today that the Grand Harbour Regeneration Corporation (GHRC), which is responsible as project manager, informed it that the building of the new Parliament should be ready by the end of the third quarter of this year.

The company registered a pre-tax profit of €10,027,092 (2012: €2,550,338), while revenue for the year amounted to €6,738,503 (2012: €1,451,379). The company’s revenues were mainly derived from ground rents received from its emphyteuta, the Malta International Airport (MIA) and the Valletta Cruise Port (VCP), as well as income related to the lease of the Parliament Building and the Open Air Theatre as per the contractual agreements in this regard. Administrative expenses were in line with the company’s expectations for the period under review. Overall, the company’s results are in line with the projections presented in the prospectus dated July 2, 2012, except for the fair value movement of €4,666,825 resulting from a review of the discount rate due to a variation in the MGS benchmark used for this purpose.

The movement in the fair value of investment property comprises the movement in the fair value of the dominium directum of the MIA and VCP properties. The fair value of investment property is calculated with reference to the cash flows receivable by the company in terms of its contractual agreements, discounted to present value as at December 31, 2013.

The Board of Directors will be recommending the payment of a final gross dividend of €604,110 or €0.0201 per share equating to a final net dividend of €392,672 or €0.0131 per share at the forthcoming Annual General Meeting scheduled to be held on April 9, 2014. If approved by the shareholders, the final net dividend is planned to be paid on April 11, 2014.

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