MaltaPost profit jumps

MaltaPost made a pre-tax profit of €2.60 million in the six months ended March 31, up from €1.01 million for the same period the previous year.

The company said in an interim financial statement that turnover increased by 13.41 percent to €10.96 million .

It said that apart from an overall improvement in business, the performance during this period was enhanced by increased volumes during the general election and philatelic/numismatic issues commemorating the adoption of the euro.

It explained that the first half of the financial year (October-March) was always characterised by higher activity, and it was therefore reasonable not to expect the same level of performance in the second half of the financial year, although the company was expected to achieve its targets.

MaltaPost was listed on the Malta Stock Exchange in January after the government disposed of its 40 percent shareholding through an IPO.