MaltaPost plc this morning published its interim financial results covering the six months ended March 31.
The financial statements showed a marginal improvement in revenue on the back of increased traditional mail volumes and international mail business.
However, this rise was outweighed by the increase in costs, mainly employee wages and depreciation, and lower finance income resulting in a 3.1 per cent decline in pre-tax profit to €1.86 million.
Profit for the period improved to €1.18 million (March 2009: €1.14 million) on a lower tax charge.
The directors stated that the company is on track to achieve the targets set for the current financial year and also reiterated the intention to diversify the postal business into low cost financial services and the provision of back office processes.
The share price reacted positively and advanced 2.3 per cent higher to a new 25-month high.
The main focus of the day was with respect to the announcements of the various bond issues.
Following yesterday’s announcement by Simonds Farsons Cisk plc of its new six per cent bond, Eden Finance plc this morning announced details of its upcoming Bond Issue. Eden is issuing a €15 million 6.6 per cent Bond maturing between 2017 and 2020. The proceeds will be mainly used to finance the redemption of the maturing 6.7 per cent bonds. Existing bondholders will be given preferential allocation.
Meanwhile, this afternoon the Treasury announced the prices of the three new Malta Government Stock issues.
The prices of the stocks were established as follows: the 3.75 per cent MGS 2015 (VI) at 102.80 per cent (YTM: 3.19 per cent per annum); the 4.6 per cent MGS 2020 (II) at 102.50 per cent (YTM: 4.29 per cent per annum); and the 5.25 per cent MGS 2030 at 99.50 per cent (YTM: 5.29 per cent per annum).
Subscriptions open between Monday and Wednesday. Tenders for amounts greater than €100,000 (nom) close on Friday at noon.
Further details on these issues and the relevant prospectuses can be found at www.rizzofarrugia.com .
Also this morning, Tumas Investments plc announced that it has been granted regulatory approval to issue a new €20 million 6.2 per cent Bond with the option of increasing the Bond by a further €5 million
The Bonds will redeem between 2017 and 2020 and will be guaranteed by Spinola Development Company Ltd. The application process will commence in the coming weeks.
www.rizzofarrugia.com