Maltapost reports €3.19m profit

Maltapost has reported a pre-tax profit of €3.19 million for the year which ended on September 30, 2009, up from a profit of €2.90 million in the previous year, an increase of 10 per cent.

The company said that revenue decreased by 1.4 per cent to €20.19 million due to lower volumes of domestic mail and lower philatelic sales. But the decline was compensated for by an increase in mail from overseas.

Costs decreased by 3.4 per cent to €17.33 million as a result of a review of operational processes.

The Board of Directors is proposing a final net dividend of €0.04 per nominal €0.25 share. The annual general meeting will be held on February 24.

The profit growth announcement was the second item of good news for Maltapost this week. Earlier, the Malta Communications Authority said that a survey had shown that some 85 per cent of households and 69.8 per cent of small businesses feel the service provided by Maltapost is "either very good or fairly good".