FIMBank plc issued its 2010 full-year results today showing a significant improvement in profitability from US$2.6 million in 2009 to US$6.7 million last year.
The Group had cautiously renewed its appetite for business during the year helped by the improvement in emerging market conditions and a steady pick-up in trade flows.
The directors recommended a final net dividend of US$0.02,48 per share (2009: US$0.01,56) to all shareholders as at the close of trading on March 25.
As in previous years, this dividend may be taken either in cash or in shares at a price to be announced in due course.
The publication of the FIMBank’s results failed to generate any trades in its shares. The equity last traded at US$0.90 and lowest offers were placed at the level of US$0.93.
In the results announcement, the group revealed a restructuring exercise through the creation of a new holding company.
Meanwhile, yesterday afternoon, Plaza Centres plc also published its 2010 results.
The 3.1 per cent growth in revenue to over €2 million was eroded by higher operating costs, depreciation and net interest expense.
Overall, the company reported a net profit of €832,700 in line with the previous year’s profitability of €836,783.
Despite maintaining last year’s profitability, the recommended final net dividend of €0.07,5 per share (gross: €0.11,6) is 10.5 per cent below the 2009 dividend of €0.08,4 per share as the payout ratio was reduced from 95 per cent in 2009 to 85 per cent last year.
Shareholders as at close of trading on March 25 will be entitled to this dividend.
The market reacted positively to the results as the equity jumped 18.4 per cent to €1.80 – its highest level for the past 10 years.
Elsewhere on the local equity market, Bank of Valletta plc eased 0.7 per cent to a fresh four-month low of €2.89,9 on volumes of just over 37,100 shares.
BOV ended the week three per cent lower following a downgrade in its credit rating to ‘BBB+’ by Fitch Ratings earlier this week.
Meanwhile, HSBC Bank Malta plc edged 0.3 per cent higher to regain the €2.96 level on a small deal of 500 shares despite turning ex-dividend.
HSBC’s equity closed the week 0.7 per cent lower.
MaltaPost plc was active for the first time this week with its share price edging 1.2 per cent higher to €1.05,2 on volumes of 13,432 shares.
Overall, the MSE Share Index closed in positive territory for the first time in 11 sessions.
Nonetheless, the Share Index still closed the week one per cent lower at 3,573.925 points.
Malta Government Stock prices declined sharply today as the benchmark Eurozone yield jumped to 3.32 per cent following yesterday’s comments by the European Central Bank President revealing a possible interest rate increase in April due to increasing concerns on inflation expectations.
The Rizzo Farrugia MGS Index dropped 0.4 per cent this morning to a new 20-month low of 975.608 points representing a total decline of 0.7 per cent over the week.
The bid prices of both new MGS’s were set today at a level below the recent offer prices by the Treasury.
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