MaltaPost plc has posted a pre-tax profit of €3.2 million for the year ended September 30, maintaining the previous year’s record levels.

Earnings per share stood at €0.07.

The mail company attributed the results to increased cross border mail and higher philatelic sales which compensated for lower volumes in traditional mail. This resulted in an increase of one per cent in revenue from €20.2 million to €20.4 million.

Cost savings were possible thanks to a re-engineering of processes. Despite higher labour costs, overall costs were capped at €17.5 million. Cost-to-income ratio at 86 per cent continued to compare well with industry standards.

Total assets decreased by 4.7 per cent to €21 million, reflecting the application of cash for better management of trade creditors. Shareholders’ funds increased by 18.9 per cent to €12.9 million.

The board of directors has proposed a final net dividend of €0.04 per nominal €0.25 share for approval at the annual general meeting to be held on January 31. The approved dividend will be paid on February 11 to shareholders on the register as at January 7.

The board also recommended offering shareholders the option of receiving their dividend in cash or in new shares of an equivalent value. The attribution price (at which the new shares to be issued will be determined) has been set at €0.92 per nominal of €0.25 share.

Maltapost plc said it was aware of the challenges facing the postal industry and it would continue to streamline and update its strategy to ensure it remained innovative, efficient and competitive.