MaltaPost show pre-tax profit of €3.2 m to September 2010

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MaltaPost show pre-tax profit of €3.2 m to September 2010MaltaPost have released financial statements have been extracted from the audited financial statements of MaltaPost for the financial year ended 30 September 2010.

The MaltaPost review of performance shows that:

Profit before tax for the year ended 30 September 2010, at €3.2 million, was maintained at last year’s record level, thus providing Earnings per Share of €0.07.

* Increased cross border mail, combined with higher philatelic sales, compensated for lower volumes in traditional mail, resulting in an increase of 1.0% in Revenue from €20.2 million to €20.4 million;

* Re-engineering of processes provided cost savings so that even though labour costs were higher, overall costs were capped at €17.5 million (2009: €17.3 million);

* Cost-to-Income ratio at 86% continued to compare well with industry standards;

* Total Assets decreased by 4.7% to €21.0 million, reflecting the application of cash for better management of trade creditors;

*Shareholders’ funds increased by 18.9% to €12.9 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 31 January 2011. Once approved the dividend will be paid on the 11 February 2011, to shareholders appearing on the Company’s Register of Shareholders as at 7 January 2011. The Board is also recommending offering shareholders the option of receiving their dividend in cash or by taking new shares of an equivalent value. The Attribution Price (at which the new shares to be issued will be determined) has been set at €0.92 per nominal of €0.25 share.

The Board of Directors and Management are well aware of the challenges that face the postal industry. MaltaPost p.l.c. shall continue to streamline and update its strategy so as to ensure that it remains innovative, efficient and competitive.

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