Bank of Valletta will once again be hosting a BOV Investor Education Programme at its Victoria Branch.
“The topics chosen reflect concerns that are common to many, such as succession planning and powers of attorney. We shall also be discussing security of payments online, and our speakers will be talking about pitfalls to avoid as well as security tips when shopping online,” John Paul Abela, the BOV Investor Relations Officer, explained.
Horace Laudi, BOV regional manager for Gozo, expressed satisfaction that this programme is being organised for the second consecutive year in Gozo. “Financial literacy is an important aspect of the bank’s corporate responsibility. We feel responsible to help our customers navigate across financial jargon and instruments that may sound foreign and complex. As the world of finances becomes broader, it becomes critical that one is able to take informed decisions.”
The six-session course commences tomorrow March 28 and is free of charge. Sessions are in Maltese. Register by calling 2275 7570 or by sending an e-mail to iro@bov.com.
Strike hits Lufthansa profits
The Lufthansa Group generated revenues of €31.7 billion in 2016, a decline of 1.2 per cent on the prior-year result. Adjusted EBIT for the year amounted to €1.75 billion, a decline of 3.6 per cent.
This means that, as expected, earnings before strike costs of €100 million came in at previous year’s level. The Adjusted EBIT margin for 2016 was 5.5 per cent, a decline of 0.2 percentage-points.
EBIT for the year amounted to €2.3 billion, a significant improvement of €599 million on 2015. The difference between the EBIT and Adjusted EBIT is largely attributable to the new collective labour agreement concluded between Lufthansa and its flight attendants’ union UFO.
The agreed switch from a defined benefit in a defined contribution pension system had a €652 million positive impact on EBIT for the year which is not included in the Adjusted EBIT. But even without this non-recurring item, the Lufthansa Group further enhanced its financial strength in 2016, achieving a further 2.5-per-cent reduction in its unit costs excluding fuel and currency effects.
The Lufthansa Group invested €2.2 billion in 2016, some €300 million less than originally planned.
“In 2017, it remains necessary to further reduce our costs. This is the only way to meet and master the decline in unit revenues and the higher fuel expenses, and at the same time to maintain and strengthen our financial stability and our investment capacities,” said Carsten Spohr, chairman of the executive board & CEO of Deutsche Lufthansa AG.
Busy summer for Vienna airport
The new summer flight schedule started last Saturday at Vienna Airport, with new destinations and new airlines being added to the line-up.
Austrian Airlines will fly to Los Angeles, Shiraz and Gothenburg, whereas Eurowings is adding Birmingham, Madrid and Nice to its travel destinations. Volotea, Germania, Stobart Air/Flybe, S7 and UTAir are all operating from the Vienna flight hub for the first time, offering connections to Nantes (FR) and Marseille (FR), Genoa (IT), London-Southend (GB), Rostock (DE) on Moscow-Domodedovo (R) and Moscow-Vnukovo.
Eurowings and ASL are also offering seasonal flights, with the latter offering a twice weekly flight to Malta among other destinations.
All relevant details and further information on flight connections from Vienna are available on the online flight schedule of Flughafen Wien AG. www.viennaairport.com.
Profit up for Malta Properties Ltd
Malta Properties delivered a solid financial performance in 2016, with profit before tax increasing by €2.03 million over that of the previous year to €3.45 million.
Revenues from rental income increased by two per cent and stood at €3.24 million (2015: €3.17 million). Revenues are expected to increase gradually in line with inflation. The long term leases in place on the various properties secure the group’s revenues at these levels for the foreseeable future.
During 2016, work has commenced across a number of the Group’s sites, namely the redevelopment of the former Żejtun Exchange into a state of the art technical and data centre for MPC’s anchor tenant GO. Preparatory works have also begun on the Group’s properties in Birkirkara and in Marsa where new exchanges are being developed for use by GO. Moreover, the Floriana offices are currently being refurbished into modern offices and this refurbishment is expected to be completed by the end of the year.
As at the end of the year, total non-current assets amounted to €50.60 million (€54.04 million). The decrease from the previous year was mainly a result of the transfer of two of the Group’s properties amounting to €6.36 million from investment property to inventories, as these properties are earmarked for resale.