BOV, Middlesea leap

In a company announcement issued on Thursday, Bank of Valletta plc published its interim financial statements for the six months ended March 31. These show a net interest income of Lm23,765,000 (six months ended March 2005: Lm20 million); operating profit of Lm16,014,000 (six months ended March 05: Lm8.6 million); profit for the period amounting to Lm13,132,000 (six months ended March 2005: Lm6.7 million) an increase of 95 per cent on the previous year's figure and earnings per share of 11c7 (six months ended March 2005: 5c9). An interim dividend of 5c5 per share gross of tax has been declared in respect of the six months ended March 31, 2006, to be paid to all shareholders on the bank's register as at record date May 8, 2006. The dividend will be paid on May 30, 2006.

Meanwhile, Bank of Valletta shares opened the week at Lm4.66, went temporarily up to Lm4.98 during yesterday's session, before going down to end this week's trading at Lm4.81,9; equal to a gain of 17c9 on the previous week's closing position of Lm4.64. A total of 248,118 shares changed hands over 330 deals. Following the close of business yesterday, 500 shares at Lm4.79,9 were the best outstanding bids while 4,500 shares at Lm4.82 were the best offers still unsatisfied.

Middlesea Insurance plc published the Condensed Consolidated Financial Statements for the year ended December 31, 2005. These show a profit for the financial year figure of Lm4,856,560 (December 2004: Lm3 million), an increase of 64 per cent. Total income from insurance activities amounted to Lm5,691,570 (December 2004: Lm3.5 million) and earnings per share of 38c5 (December 2004: 21c3). The board is recommending the payment of a final ordinary dividend of 7c per share and a special 25th anniversary commemoration dividend of 3c per share, giving a total dividend of 10c per share. This dividend will be payable to shareholders appearing on the register of shareholders as at close of business on Tuesday, May 16.

In a separate company announcement, Middlesea Insurance plc announced that its board of directors decided to propose to the company's shareholders a change in the company's Memorandum of Association whereby the authorised share capital presently divided into 30 million ordinary shares of 50c each be split into 60 million ordinary shares of 25c each. They also proposed that the issued share capital presently divided into 12.5 million ordinary shares of 50c each be split into 25 million ordinary shares of 25c each, which are all listed on the Malta Stock Exchange.

Meanwhile, this week's trading in Middlesea Insurance plc shares opened at Lm5.15 and closed at Lm5.33,9, an increase of 3.67 per cent. In the interim, the price of this equity reached a weekly low of Lm5.12. Total volume transacted amounted to 13,708 shares changing hands in 32 deals. Best bids for 200 shares at Lm5.27 and 2,000 shares at Lm5.335 remained unsatisfied following yesterday's trading session.

HSBC shares edged lower this week when trading in the equity opened on Monday at Lm2.56, went temporarily up to Lm2.72 during Tuesday's trading session before closing yesterday at Lm2.515 down by 5c5 from the previous week's close of Lm2.57. In total, 560,737 shares changed hands during the week, spread over 616 deals. As yesterday's session drew to a close, best unsatisfied bids for 1,070 shares at Lm2.51,5 stood against best unsatisfied offers of 1,457 shares at Lm2.56.

Maltacom shares saw trading open at Lm1.82 on Monday, range between Lm1.78 and Lm1.85 during the week before coming to close at Lm1.84,8 yesterday. Weekly turnover amounted to 60,308 shares changing hands over 55 deals. Best bids for 500 shares at Lm1.805 and best offers of 766 shares at Lm1.848 remained unsatisfied as yesterday's session drew to a close.

In a company announcement issued on Wednesday, Lombard Bank Malta plc stated that during the annual general meeting which was held on Tuesday, April 25, the shareholders approved all five ordinary resolutions and the extraordinary resolution on the agenda.

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

In a company announcement issued yesterday, the board of directors of International Hotel Investments plc published the group's preliminary profit statements for the year ended 31 December 2005. These show a turnover figure of €54,506,833 (December 2004: €46.6 million); profit before tax amounting to €757,318 (December 2004: loss before tax of €11.3 million); loss after tax of €736,790 (December 2004: loss after tax of €8.1 million) and group's loss per share of €0.01 (December 2004: loss per share of €0.07).

Simonds Farsons Cisk plc published the preliminary statement of annual results for the year ended January 31, 2006. These show a turnover figure of Lm26,189,000 (year ended January 2005: Lm26.7 million); gross profit amounting to Lm9,175,000 (year ended January 2005: Lm9.9 million); profit on ordinary activities before tax amounting to Lm487,000 (year ended January 2005: Lm1 million) and earnings per share of 2c9 (year ended January 2005: 3c1). The board is recommending the distribution out of profits taxed at 37.5 per cent, an interim net dividend of 0c194444 and additionally a final net dividend of 0c972222 per share, out of tax exempt profits, giving a total net dividend of 1c166667 per share. This will be payable to ordinary shareholders who are on the register of shareholders as at May 31, 2006. Meanwhile, in another company announcement, the board of directors of Simonds Farsons Cisk plc resolved to redeem the Lm2,000,000 6.25 per cent Bonds (2006-2008) on November 2, 2006.

On Thursday, Plaza Centres plc announced that during its annual general meeting, held on April 25, 2006, the shareholders approved all the ordinary resolutions on the agenda. Following the said meeting, the board of directors is now composed of Albert Mizzi (chairman), Anne Marie Tabone, Peter Borg, Mark Gasan, Brian Mizzi, Adrian Strickland and Gerald Zammit.

The other equities which traded during the week appear, followed by the range in which trading took place, are: 434 Lombard Bank shares at Lm11.00; 3,639 Simonds Farsons Cisk shares between Lm0.80 and Lm0.83; 610 Suncrest Hotels shares at Lm0.299; 17,000 International Hotels Investment shares between €0.85 and €0.90; 20,000 Plaza Centres shares at 68c; 122,300 FIMBank shares between US$2.05 and US$2.089; 22,750 Malta International Airport shares between Lm1.40 and Lm1.46; 100 Global Financial Services shares at Lm2.08 and 3,000 Datatrak Holdings shares between 30c and 31c.

Total Malta Government Stock turnover amounted to a nominal value of Lm7,897,700 being traded in 75 deals over 21 different stocks. Meanwhile, trading over the week in corporate bonds was made up of a total value of Lm77,609.

The Malta Stock Exchange Share Index increased by 11.97 points or 0.20 per cent over the week and now stands at 6,038.38.

Azzopardi Investment Management Limited is licensed by the MFSA to provide investment services, including stockbroking. The Directors or related parties, including the company, and their clients, are likely to have an interest in securities mentioned. This article is only meant to provide information and is not intended to give investment advice. The value of securities, and the currencies in which they are denominated, may go down as well as up.