Be the first to comment!MaltaPost maintains a steady growth in profit
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For the year ended 30th of September 2009, MaltaPost p.l.c. (the “Company”) registered a Profit before Tax of €3.19 million as compared to €2.90 million last year, representing an increase of 10.0%. Earnings per share at €0.07 remained at the same level of the previous financial year. • Revenue decreased by 1.4% from €20.48 million to €20.19 million which was mainly attributable
to lower volumes of domestic mail and lower philatelic sales. The decline was compensated by an increase in international mail;
• Cost-to-Income ratio improved to 85.9% from 87.6% in line with the Company’s commitment to contain costs mainly as a result of the ongoing review of processes;
• Total assets increased by 3.1% to €22.07 million from €21.41 million in 2008;
• Shareholders’ funds increased by 20.9% to €10.88 million. The Board of Directors is proposing a final net dividend of €0.04 per nominal €0.25 share for approval at the Annual General Meeting which is due to be held on 24 February 2010. Once approved at this Meeting, the dividend will be paid on 8 March 2010 to shareholders who are on the Company’s Register of Shareholders as at 29 January 2010. The Board is also recommending offering shareholders the option of receiving their dividend either in cash or by taking new shares of an equivalent value. The Attribution Price, at which the number of new shares to be issued will be determined, has been set at €0.66 per nominal €0.25 share. During the past year, the Company achieved an increase in its profitability despite the general subdued economic situation prevailing worldwide. The Company remains sensitive to containing costs in order to maintain the long term sustainability of its services, without compromising quality, for the benefit of all stakeholders. The Company remains committed to enhance and launch new services in order to meet the ever-changing demands of both the local and international markets. The Board of Directors is also confident that the commitment of its management and its staff will enable the Company overcome the challenges that the market in general and the postal sector, in particular, will be presenting.
