28 June 2006

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Business Today

Bay Street Finance plc publish audited accounts

Bay Street Finance plc published their audited accounts for the financial year 2005. This company issued 32,638 redeemable bonds with an 8% interest at a nominal value of Lm100 each in June 2002 and the bonds are due for redemption in 2012.
These accounts are of interest to bond holders as well as those that will be considering to extend their investment portfolio in bonds that give a high interest rate but have the equivalent risk factor included in the coupon.
The accounts are pretty simple. Bay Street Finance plc utilized the proceeds from the Bond issue to finance its parent company Bay Street Holdings ltd and the loan was set at 8.2%.
Therefore, the listed company’s turnover is made up of interest receivable from the parent company, against which its largest expense is the payment of the interest to its bond holders. Another minor expense is administrative fees.
This year this company registered a profit after tax of Lm2,200 with an earnings per share of 2cents 9 mills as against last year’s results of Lm2,700 and 3cents 5 mills respectively.
The balance sheet mainly consists of the financial asset with its parent and the bond holders as its creditors.
Bay Street Holdings Ltd, the parent company is the guarantor to Bay Street Finance plc which is quoted in the Alternative Companies list of corporate Bond issuers at the Malta Stock Exchange.

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