Profit boost for MaltaPost
MaltaPost registered a profit before tax of €2.9m ($2.4m) for the year ending September 2008 – a 74% increase from 2007’s total of €1.6m ($1.3m).
MaltaPost registered a profit before tax of €2.9m ($2.4m) for the year ending September 2008 – a 74% increase from 2007’s total of €1.6m ($1.3m).
Shareholders were presented with the Audited Financial Statements for the financial year ending September 2008 at MaltaPost’s AGM on 17 February.
Furthermore:
• Earnings per share improved to €0.07 ($0.09) for the financial year 2008, from €0.04 ($0.05) in 2007
• Revenue increased by 10.51% from €18.53m ($23.40m) to €20.47m ($25.8m)
• Cost-to-income ratio improved to 87% from 92% in line with the company’s commitment to increase efficiency
• Total assets increased by 11.5% to €21.4m ($26.9m) from €19.2m ($24.2m) in 2007
• Shareholders’ funds increased by 6.39% to €9m ($11.34m)
Joseph Said, chairman, addressed shareholders and referred to the highlights of 2008, including the Initial Public Offering when the Maltese government divested 40% of its holding in the company.
Said indicated that MaltaPost planned to continue enhancing its quality of service as well as expanding its operations to new areas, such as financial services.
After the introduction of MaltaPost plc on the Malta Stock Exchange, Lombard Bank Malta plc acquired a further 3.8% stake in the company increasing its majority shareholding to 63.8%. This move clearly expressed Lombard Bank’s commitment to MaltaPost.
David Stellini and Philip Tabone were re-appointed as directors and together with Said, Joseph Azzopardi and Aurelio Theuma form the board of directors of MaltaPost plc.
