Positive results for Medserv plc

The Malta Stock Exchange Index ended the trading week at 2687.928 points, falling by just 0.06 per cent with the year to date loss at just over 16 per cent. The index started the week with a rise of 0.726 per cent on Monday but then decreased throughout the rest of the week.

During the week, eight equities were negotiated, with four closing in positive territory, three closing in negative territory and one remaining unchanged. The best performer of this week was Go plc, while Malta International Airport plc was the worst performer.

This week a total of 318 deals were registered on the Malta Stock Exchange with a turnover of over €8.67m. In the equity market, 155 transactions for a total value of €348,860 were executed, while in the corporate bond market 43 transactions were carried out for a total value of €322,939. The government bond market saw 99 deals changing hands for a total value of over €1.527 million, while 21 transactions were carried out in the treasury bills market for a total value of over €6.47 million.

HSBC Bank Malta plc (HSBC) closed the week at €2.175, as it saw its share price increase by 0.69 per cent, with a total volume of 60,665 shares being exchanged across 44 trades. This week HSBC traded at a high of €2.18 and a low of €2.16.

Bank of Valletta plc (BOV) lost some ground this week, as it posted a decrease of €0.03, or 1.36 per cent, as 23,151 shares traded in this equity across 33 deals. BOV closed at €2.17, having traded at a high of €2.25 and a low of €2.17.

Lombard Bank plc saw its share price increase by 0.40 per cent, closing the week at €2.53. Lombard traded twice this week, as a volume of just 1,500 shares changed hands.

Plaza Centres plc also registered a rise in its share price this week. Plaza saw 150 shares being traded across just one deal, as it closed the week at €1.72, thus registering a rise of €0.02, or 1.18 per cent.

Go plc had a good start on Monday, when its share price increased by 6.93 per cent, following the announcement of their results on Friday. During the week, Go traded at a high of €1.50, and a low of €1.44, closing the week at €1.45, thus registering an increase of 3.57 per cent. A volume of 94,494 shares were traded across 65 deals.

The share price of FIMBank plc remained unchanged this week, with 13,500 shares being traded on three deals, closing the week at USD 1.30.

Malta International Airport plc (MIA) closed the week at €2.028, thus decreasing by 6.97 per cent, or €0.152, as 2,100 shares traded on four transactions. MIA traded at a low of €2.028 and a high of €2.10.

MaltaPost plc saw their equity prices continue to decrease, as this week the equity lost 1.23 per cent, closing the week at €0.72, a loss of €0.009, with 7,000 shares being traded on three deals.

On Tuesday, the Board of Directors of Grand Harbour Marina plc approved the financial statements for the period ended December 31, 2008, and announced that the Company registered a loss before taxation of €410,848, compared to a profit before tax of €3.9m of last year. Total Revenue for the year was €2.496m, representing a significant decrease of 77.66 per cent over last year's total revenue of €11.176m. Earnings per share decreased from €0.40 to a negative €0.04.

The board of directors did not recommend the payment of a dividend.

During the week, Medserv plc also announced that the board of directors had approved the financial statements for the period ended December 31, 2008.

During the year, the group registered a profit before taxation amounting to €975,421, a substantial increase from last year's loss before tax of €287,333. Total revenue for the year amounted to €15.56m, compared to total revenue of €4.65m from last year. Earnings per share for the year increased from a loss per share of €0.0005, to earnings per share of €0.113. The increase in earnings per share is mainly attributable to the strong performance of Company's subsidiaries with particular reference to the Libyan subsidiary.

The board of directors is proposing that the annual general meeting approves the payment of a net dividend of €390,000, representing a net dividend per ordinary share of €0.039.

On Friday, applications were received for the Malta Government Stock issue of 3.6 per cent 2013 (IV) Fungibility Issue. Applications close on Wednesday, April 1, or earlier at the discretion of the Accountant General and on Friday April 3, for sealed bids.

This article, which was compiled by Jesmond Mizzi Financial Services Ltd (JMFS), does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact JMFS at 67/3, South Street, Valletta or on telephone 2122 4410 or e-mail jmizzi@jmfs.net.