The Pavi Shopping Complex group has said that group operations over the six-month period ended 31 October “have witnessed a constant improvement in performance. The increase in turnover of 15 per cent coupled with a constant margin of 20 per cent and an overall marginal decline in operational costs have resulted in an operating profit of e638,000 against e620,000 last year, and a net profit after tax of e118,000 (2008: e115,000). The earnings per share now is e3.30 (2008: e3.21)”.

During the period, the group started building the Bond Redemption Fund as contemplated by the provisions set in the bond prospectus of 28 September 2007, based on the group’s annual projected cash flows for the financial year ended 30 April 2010. As at 31 October, the cash flows allocated to the fund totalled e25,000.

As the complex’s overall operations mature, management is expecting that the positive turnover trend experienced in the first half of the financial year will be sustained till year-end.

The directors have not recommended an interim dividend payment.