Maltacom publishes results

Turnover on the Malta Stock Exchange was slow throughout the week and particularly so yesterday - the day of the Pope's funeral - when only two deals were transacted as a sign of respect.

Maltacom shares opened trading at Lm1.54 on Monday and went on to close the week's trading at Lm1.47 yesterday. Total turnover amounted to 46,960 shares changing hands over 23 deals. Following the close of business yesterday, best bids for 936 shares at Lm1.451 and best offers of 1,000 shares at Lm1.55 remained outstanding.

In a company announcement issued yesterday, the board of directors of Maltacom plc published the group's financial statements for the year ended December 31, 2004.

These showed a turnover of Lm54.7 million (December 2003: Lm55 million); operating profit of Lm13.2 million (December 2003: Lm11 million); group net profit amounting to Lm6.8 million (December 2003: Lm13 million) and earnings per share of 6c7 (December 2003: 12c9). Of particular importance is the fact that the financial year ending December 2003 included one-off transactions including a provision for VAT and impairment losses of Lm4 million and profit on realisation of investments of Lm10 million.

The board is proposing the approval of a net dividend of Lm0.021 per share to all shareholders registered at the close of business on April 22 bringing the total net dividend for the year to Lm0.049 (December 2003: Lm0.037).

Yesterday, Maltacom plc announced also that Saviour Portelli will be re-appointed chairman of the group and Ing. Alexander Tranter, Vincent Farrugia, Alfred Rizzo and Dr Chris Said will be re-appointed as board directors of the company. Such re-appointments will come into effect from May 20, the end of Maltacom's seventh annual general meeting.

Trading in Bank of Valletta shares opened the week at Lm5.044 on Monday and closed the week at Lm5 yesterday. A total of 7,082 shares changed hands over the week, spread over 22 deals. Trading during the week ranged between Lm5.044 and Lm4.95.

Following yesterday's session, 3,000 shares at Lm4.98 and 2,083 shares at Lm5 were the best unsatisfied bids and offers respectively.

In a company announcement on Tuesday, Bank of Valletta plc announced that with effect from April 5, the Registered Office of Bank of Valletta plc will be 58, Zachary Street, Valletta, VLT 04.

In the meantime, HSBC shares witnessed an increase of 7c (1.455%) during the week with Monday's trading opening at Lm4.81 and Thursday's session closing at Lm4.88. A total of 55,854 shares changed hands over 73 deals. At the end of yesterday's session, bids for 1,000 shares at Lm4.88 and offers of 3,850 shares at Lm4.90 made up the best unsatisfied closing positions.

In another company announcement on Tuesday, the board of directors of Lombard Bank Malta plc stated that during the annual general meeting which was held on Monday, the shareholders approved all the five ordinary resolutions on the agenda.

Furthermore, the following were elected to sit on the board: Mr C. Lemmerich (chairman), Mr J.M. Demajo, Mr G.A. Fairclough, Mr G. Maiga, Mr J. Said, Mr V. Vellano and Mr M. Zammit.

The other equities which traded during the week appear below, followed by the range in which trading took place; 250 Middlesea Insurance shares between Lm3.07 and Lm3; 3,307 Plaza Centres shares at Lm0.62; 5,750 FIM Bank shares between USD1.24 and USD1.21; 10,200 Malta International Airport shares between Lm1.265 and Lm1.25 and 4,900 Global Financial Services shares at Lm1.15.

Total Malta Government Stock turnover amounted to a nominal value of Lm3,899,500 traded in 55 deals over 15 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm63,116.

The Malta Stock Exchange Share Index decreased by 33.973 points or 0.98 per cent over the week and now stands at 3,428.195.

Azzopardi Investment Management Limited and its Directors have an interest in the listed companies mentioned and may have an interest in other securities, commodities or currencies mentioned.