11 - 17 April 2001

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Corinthia's preliminary statement
- announces earnings of 21c for 6.7 redeemables

Corinthia Finance plc, a subsidiary of the Corinthia Group of Companies, has issued its preliminary financial for last year – a period ranging from 9 September 1999 to 31 December 2000. However, by the nature of a preliminary statement, it does not include comparative amounts.

Corinthia Finance was set up to act as a finance company for the Corinthia Group of Companies. In addition to the issue of 100,000 Lm1 in ordinary shares, which were fully subscribed to by the parent company, the Corinthia Palace Hotel Company Ltd, the company also issued 100,000 6.7 per cent redeemable bonds with a nominal value of Lm100 apiece during the time frame.

During the period under review, the company's revenue amounted to Lm847,958, generated by interest charged to its parent company and receivable bank interest.

Interest payable on the debt securities in issue amounted to Lm802,139, resulting in net interest earned amounting to Lm45,819.

After deducting Lm13,113 incurred by way of administrative expenses and taxation amounting to Lm11,447, the profit for the period amounted to Lm21,259.

Earnings per share, which are based on the profit for the period, divided by the weighted average number of ordinary shares in issue during the period amounted to 21 cents.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt