Maltapost plc has registered a pre-tax profit of €3.19 million for the year ended September 30, 2009, up 10 per cent on the previous year's figure, the postal group said on Thursday.

Earnings per share at €0.07 remained at the same level of the previous financial year.

The company said revenue decreased to €20.19 million (-1.4 per cent) mainly because of lower volumes of domestic mail and lower philatelic sales. The decline was compensated by an increase in international mail. The cost-to-income ratio improved to 85.9 per cent from 87.6 per cent in line with the company's commitment to contain costs mainly as a result of the ongoing review of processes.

Total assets increased by 3.1 per cent to €22.07 million; shareholders' funds increased by 20.9 per cent to €10.88 million.

The board is proposing a final net dividend of €0.04 per nominal €0.25 share for approval at the annual general meeting which is to be held on February 24.

Once approved, the dividend will be paid on March 8 to shareholders on the company's register as at next Friday. The board is also recommending an offer to shareholders to receive their dividend in cash or in new shares of an equivalent value. The attribution price, at which the number of new shares to be issued will be determined, has been set at €0.66 per nominal €0.25 share.

Maltapost said that during the past year, it achieved an increase in its profitability despite the general subdued economic situation. It remains sensitive to containing costs to maintain the long-term sustainability of its services, without compromising quality.