Maltapost’s profit before tax increased by 37.5 per cent to €2.74 million, the company announced yesterday, at it published its latest financial statements for the year ending September 30.

A statement said the company had performed soundly during the financial year ending September 30, registering positive results despite a rising cost-base that is inherently linked to its Universal Service Obligations.

Turnover increased by 9.6 per cent to €23.72 million with volume increases in the parcel sector contributing positively to the increase in revenues. The company said that whereas the decrease in traditional letter mail volumes continued in line with international industry trends, the increase in tariffs from January 2014 helped mitigate the cost of providing a service in this declining sector.

Expenses increased by 6.6 per cent to €21.19 million, mainly as a result of a higher spend related to cross-border mail delivery and staff costs. Total assets increased by 1.2 per cent to €30.78 million and shareholders’ funds increased by 9.5 per cent to €18.22 million.

The Board of Directors of Maltapost has recommended the payment of a final ordinary net divid-end of €0.04 per nominal €0.25 share, which if approved at the annual general meeting on January 16, 2015, will be paid on January 30.

Shareholders will be given the option of receiving the dividend either in cash or by the issue of new shares. The Attribution Price, at which the number of new shares to be issued will be determined, has been established at €1.16 per nominal €0.25 share.