NEWS | Wednesday, 25 July 2007

Bond markets news

Tumas Investments plc have published their Audited Financial Statements for 31 December 2006. The income end expenditure are the regular items of interest receivable, payable and administrative expenses leaving the company with a profit before tax of Lm12,000 representing an earnings per share of 7 cents 9 mills being 31% less than 2005.
Looking at the Balance Sheet the main movements are reflected in the fixed and current sections of The Assets and Borrowings. The main transaction was the redemption of 42,000 secured notes in 2006 which had a coupon of 6.7% that were repaid and funded through a bank loan with a lower interest bearing rate of 5.4%. Therefore, future interest cost will decrease. On the other hand the company has 70,000 bond of 7% that are up for redemption in 2010 to 2012.
Spinola Development Company Ltd one the members of the Tumas Group has published its full year audited accounts for 2006.
As a turnover, at Lm16 million, the company registered a decreased from the Lm16.8 million registered in 2005. However, it succeeded in decreasing its cost of sales by circa Lm900,000. The company then registered an increase in administrative expenses which after including the investments income returned a profit after tax of lm2.3 million being a Lm200,000 increase over 2005. Looking at its Balance Sheet, the company has nearly Lm45 million in assets of which LM27.7 million are in property and plant and Lm6.2 million in investment property.
Mizzi Organisation Finance plc, the issuer of 6.7% Bonds which mature for redemption between 2009 to 2012, published their audited financial results for 2006.
Not much has changed in figures for the year 2006 when compared to the previous year. Its interest receivable was nearly three quarters of a million which after deducting for interest payable and administrative expenses, the profit for the year was Lm45,000 having the earning per share of Lm45.35 being 10% less than that registered in 2005.
The Fixed Assets of the company refer to financial assets represented in Loans to the parent company and other related parties, whilst its current assets are also loans to the parent and related parties dues to be settled in the short term. The interest bearing loans are the major liabilities, which match the company’s fixed and current financial assets.