Middlesea ‘looks forward with cautious optimism’

In a company announcement, Middlesea Insurance said this week that the third quarter of 2010 had been characterised by a continued positive result emerging from the group’s insurance portfolios and subdued investment returns due to deterioration in the performance of the local equity market.

The performance during the third quarter of the year is in line with the reports issued for the first six months of this year.

The announcement repeated that the company is going through a period of consolidation and reorganisation. It will continue to seek growth in profitability and market share over the coming months, in line with the new strategy of focus on the Maltese market as its main core business.

The first nine months of the year have yielded the desired improved results, and the company is looking forward with cautious optimism as it seeks to obtain sustainable results in a market that is cyclical and dependent upon the risks necessarily associated with the business of insurance.

The board of directors noted that the company continues to operate in a competitive and challenging environment.

RS2 enters German market

RS2 said this week it has achieved growth of seven per cent in its customer base in the second half of the year.

As a direct result of its strategy to expose RS2 to the North American market through its US subsidiary, it has reached a licence and maintenance agreement with a US client that was highly interested in the BANKWORKS platform for its own operation.

RS2 is very satisfied that it has been able to finalise yet another contract in the United States. Its strategy is to further increase its efforts in the region.

RS2 achieved a major milestone when it entered the German market. Through its first contract in Germany, RS2 will now be working with German clients on functionalities and interfaces that are particular to this market. The contract is in the format of a three-year comprehensive package.

These clients are expected to reach live date during 2011.

The company’s office in the Philippines continues to provide key support services under the supervision of the technical unit in Malta. It also fits in with the company’s strategy to penetrate the market in this region.

Super yacht berthing up 50%

The third quarter of 2010 saw a continued high level of occupancy at the Vittoriosa marina operated by Grand Harbour Marina plc, the company said in an interim statement.

The number of super yachts that called at the marina during the nine months ended September amounted to 152 compared to 104 in the first nine months of 2009.

Berthing revenue for the first nine months of this year amounted to €1,118,386 compared to €987,767 for the first nine months of 2009.

Enquiries for super yacht berth sales remain buoyant, but no agreements have been finalised in the period under review. The board is cautiously optimistic that progress, while slow, will result in a positive outcome.

As announced in the report accompanying the half-yearly unaudited financial statements, the company had submitted a bid for the Mandraki Marina in Rhodes. It has been informed that it is one of three short-listed bidders, but no definite date has been given for a final determination.

Following its successful bond issue, the company is actively pursuing investment opportunities with Camper & Nicholsons Marina Investment Ltd.

On 15 July, the company paid a final dividend amounting to €750,000 net of tax.

IHI invests in Medina Tower

International Hotel Investments announced this week that it has become a 25 per cent shareholder in Medina Tower Joint Stock Company in Tripoli, Libya.

Medina Tower is a joint venture between International Hotel Investments plc, Mediterranean Investments Holding plc and the Economic Development Real Estate Investment Company (EDREICO).

IHI and MIH each hold a 25 per cent shareholding in Medina Tower, while EDREICO holds 50 per cent.

The 40-storey Medina Tower is a mixed-use

development of 200,000 square metres in the

centre of Tripoli comprising residential and office space, together with retail areas.