MaltaPost profits show an increase of 74%
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The Annual General Meeting of MaltaPost p.l.c. was held on Tuesday, the 17th of February 2009 at the Corinthia San Gorg, St. Julians.
Shareholders were presented with the Audited Financial Statements of the Company for the financial year ended September 2008.
For the year ended the 30th of September 2008, MaltaPost p.l.c registered a Profit before tax of €2.90 million as compared to €1.66 million last year, representing an increase of 74%.
• Earnings per Share improved to €0.07 for the financial year 2008 from €0.04 in 2007.
• Revenue increased by 10.51% from €18.53 million to €20.47 million
• 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 €21.4 million from €19.2 million in 2007
• Shareholders’ funds increased by 6.39% to €9 million
Joseph Said, Chairman, addressed shareholders present and referred to the highlights of 2008 including the Initial Public Offering when Government divested 40% of its holding in the Company.
Mr Said indicated that MaltaPost planned to continue enhancing its quality of service as well as expand its operations to new areas, such as financial services. After the introduction of MaltaPost p.l.c. on the Malta Stock Exchange, Lombard Bank Malta p.l.c. 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.
Messrs. David Stellini and Philip A Tabone were re-appointed as Directors and together with Joseph Said (Chairman), Joseph Azzopardi and Aurelio Theuma form the Board of Directors of MaltaPost p.l.c.
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