Virtu Finance registers €55,135 in gross profit in first six months of 2022

Virtu Finance p.l.c. registered a gross profit amounting to €55,135 in the first six months of 2022, up from €52,400 in the same period in 2021.

The company is a public liability company and was registered in Malta on 6 July 2017. It is a wholly owned subsidiary of Virtu Holdings Ltd and its principal activity is to raise financial resources from capital markets to finance operations and capital projects of the Virtu Group of companies.

Revenue amounting to €549,100 (2021: €549,100) was generated from a facility fee and interest charged on loans advanced to Virtu Maritime Limited.

Financial costs comprised interest payable on the outstanding bond issue and amortisation of the issue costs thereof amounting to €493,965 (2021: €496,700).

Administrative expenses mainly comprise directors’ emoluments amounting to €22,500 (2021: €22,500).

The company’s principal activity is to act as a finance company for the Virtu Maritime Group of companies. In this context, the company’s ability to recover loans issued to its fellow subsidiary is dependent on the performance of the companies within the Group to which amounts have been advanced by the company.

The group’s business activities mostly comprise a fast ferry service between Malta and Sicily, the availability for lease of its ferries, and other ancillary services related to the fast ferry service. The group is therefore susceptible to negative local economic developments and overseas trends related to the demand for commercial transport and tourists to travel by ferry.

As reported in the 2021 audited financial statements of the company, despite the COVID-19 pandemic the directors do not expect any significant changes in the company’s activities during 2022 and are confident it will be able to honour its obligations when they fall due.