Mpico plc, a property management firm, has reported a profit after-tax of K6.8 billion in the year ended December 31 2018, thanks to rent reviews and increased occupancy levels at The Gateway Mall in Lilongwe.
In its published financial results, the firm said rental income increased by 13 percent to K6.2 billion in 2018 from K5.5 billion the previous year.
In the year, total income was recorded at K13.3 billion, which comprised K6.2 billion rental income, K5.7 billion increase in fair value of investment properties and other income at K1.8 billion.
Total expenditure for the year declined to K4.3 billion from K5.8 billion the year before due to lower finance costs emanating from reduced borrowings.
The firm said government debt fell to K2.3 billion compared to an outstanding debt of K8 billion as at December 2017 due to settlement of all arrears up to April 2018 and other subsequent payments.
In 2017, Mpico Limited board chairperson Edyth Jiya said they hoped government would do more to intervene to ensure that the company’s operations are sustained on the market.
She said if arrears remain unpaid, it could affect its operations. n