Company Announcements – April 2006

  International Hotel Investments p.l.c. and Simonds Farsons Cisk p.l.c on the 26th of April have published their full-year financial results for 2005.  IHI p.l.c announced that its group operating profit for 2005 before adjustments had improved by Euros 2.49 million compared to the previous year.  The major factors that contributed to such good performances where the better operational results registered by the hotels and also the partial reversal of impairment charges amounting to a total of Euro 5.47million compared to the Euro 2.17 million taken in 2004.  Another factor leading to these positive results was the strengthened value attributable to the Group’s land amounting to Euros 2.40 million. As for Simonds Farsons Cisk p.l.c. for the financial year ended 31st January 2006        the group’s recorded profit from continuing operations amounted to Lm752,000 while profit after accounting for losses from discontinued operations amounted to Lm210,000, 6.5% less compared to the Lm609,000 generated in 2005.  Turnover decreased by Lm2,616 to Lm26,189.  Meanwhile the company is confident that better levels of profitability will be attained once certain measures are put into action such as the selling of the Galleria Shopping Complex, a downsizing and reorganization of Guido Vella Ltd and a cost-cutting exercise together with an early retirement scheme.  Bank of Valletta p.l.c will be holding a Board meeting on Thursday the 27th of April where the Board of Directors is expected to discuss the Group’s and Bank’s interim financial statements for the half-year ended 31st March 2006 and also consider the declaration of an interim dividend.  The Board of Directors of Middlesea Insurance p.l.c. are also to meet on Friday the 28th of April in order to announce their financial full-year results for the year ended 31 December 2005 and declare the recommendation of a dividend.