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Malls record increased profits

18/02/2016 15:09
The Mall of Cyprus and the Mall of Engomi have announced increased profit for the six months ended on 31 December 2015.

As announced, after tax profit amounted to €2,9 mn for the Mall of Cyrpus from €2,7 mn in the corresponding period last year.

Premises usage rights and other income amounted to €5,59 mn from €5,42 mn.

Profit from operations reached €5,2 mn from €4,9 mn.

Financing expenses amounted to €1,7 mn. from €1,1 mn last year.

It is noted that during the period under examination there has been no change in fair values of investment properties.

The board of directors is going to reassess fair values of investment properties at the end of the year (30 June 2016). The company is planning to expand the mall with additional spaces of 6.500 square meters on the first floor of the building.

The company is still in an arbitration procedure with the main developer of the project regarding differences that occurred in the initial development of the project.

The Mall of Cyprus is the former ITTL Trade Tourist and Leisure Park.

Mall of Engomi

Profit for the Mall of Engomi reached €745,8 thousand against profit of €704,3 thousand for the period of the six months ended on 31 December 2014.

Premises usage rights and other income reached €1,6 mn. from €1,56 mn. in the corresponding period last year while operating profit amounted to €1,4 mn. from €1,5 mn.

Financing expenses fell to €543,4 thousand from €701,5 thousand last year.

The Mall of Engomi is the former Woolworth Commercial Centre.