The Farsons Group announced the Interim Financial Results for the first six months ending 31 July, which show that turnover reached Lm13,957,000 representing an increase of Lm391,000 (2.88 per cent) when compared to the Lm13,566,000 for the same period last year.

Profit attributable to Equity holders increased from Lm187,000 in 2005 to Lm467,000 this year.

Commenting on the key factors affecting the trading results during the period under review, Louis Farrugia, Group Chief Executive, said “Given the poor tourist season these results are encouraging and put Farsons back on the right track. They have been achieved through increased sales during the summer months, helped by prevailing high temperatures. We have also managed a reduction in our operating and administrative costs and lower interest costs due to better management of our working capital and funding costs. Quintano Foods Limited once again reported a further improvement in turnover and profitability, while both Guido Vella Ltd and Vita Sana Srl registered improved results.”

The Farsons Group is anticipating that certain losses, particularly those relating to the Galleria complex incurred in the second half of last year, will not recur in the second half of the current year.

The condensed consolidated profit and loss account approved by the board reports an overall improved performance with gains in gross profit, operating profit and profit from continuing operations. Earnings per share on continuing operations have also improved to 2c1 from last year’s 0c9.