MaltaPost eyes diversification into low-cost financial services

MaltaPost has reported a pre-tax profit of €1.86 million for the six months up to the end of March, down slightly from the profit of €1.92 million made in the same period last year. Profit after tax was €1.18m, from €1.14m in the previous year.

The company said that revenue increased marginally to €10.55m. The traditional domestic postal market saw a slight increase over last year, which was further complemented by an increase in the international mail business.

Employee benefits expenses rose by 5.8%. The company saw an increase in depreciation of 9.1% as a result of an upgrading of its branch network. Other expenses were done by 6.2 p%.

The company said the general decreasing trend of the traditional mail market was continuing to be substituted by growth in international inbound mail as a result of e-shopping.

It said that increasing local and international competition in the packets and parcel business meant that it had to strive for excellence in all its operations.

The company said it intends to diversify the business into low-cost financial services and the provision of bespoke back office processes.