Main Street Complex plc, which operates the retail complex bearing the same name in Paola, has reported lower revenues and profits for the first half of 2024 than those registered over the same period of 2023.

Revenues fell from €391,062 for the period between January and June 2023 to €362,265 over the same period in 2024. Operating profit fell from €234,911 to €197,546, leading to decreased earnings per share of 0.007 as compared to 0.009 a year prior.

In the interim financial statement, the company’s directors explained that the reason for the fall in revenue was the refurbishment of one of its lower level (Level -1).

The works commenced in April and were completed in July (following the close to the reporting period).

They required the temporary closure of one tenant, which extended the previous shop space and has now opened a newly configured outlet.

The remaining floor area was vacant since the previous tenant opted not to renew the tenancy agreement after it expired in March 2024.

Average occupancy for the period stood at 89.5 per cent, down from 98.5 per cent during 2023.

The previous year’s earnings were used to cover the €214,000 dividend paid out with respect to 2023’s end of year results, as well as capital expenditure amounting to €25,360 paid out so far for the refurbishment works.

Meanwhile, the accumulated cash balance of €750,562 at December 2023 was partially used to meet all trade and fiscal dues as they fell due, leaving a positive cash balance of €511,641 as at 30th June 2024.

The company has no external borrowing other than normal trade credit and a total equity amounting to €10,850,469.

The board and management indicated their confidence that the refurbishment of the complex together with various projects and developments in the Paola area should all positive contribute towards more visitors in the locality.

They added that they are “cautiously optimistic” about the ability to attract new tenants in replacement of existing ones, and of the terms and conditions on which new leases will be signed.

Management noted that it is in discussions with a number of potential tenants interested in taking up space at Main Street Complex.

In consideration of the performance of the company, the board of directors agreed on the payment of an interim net dividend of €104,677 (2023: €139,600).