The Malta Stock Exchange registered a pre-tax profit of €1.3 million (Lm560,000) in 2007, a 15 per cent increase over the previous year.
Primary listings raised €808 million (Lm346,870,000), including the government treasury bills.
Market turnover reached a total of €457 million (Lm196,190,000), an increase of 22 per cent.
Malta Stock Exchange chairman Joe Zammit Tabona said the profit was registered despite an increase in capital expenditure and a decrease in revenue as a result of a decrease in equity trading.
He explained that 2007 was characterised by a corporate restructuring exercise and the euro changeover process, among others. Throughout 2007, the stock exchange saw two equity listings, nine corporate bonds, nine government stock issues and 22 treasury bill issues.
Finance Ministry Parliamentary Secretary Tonio Fenech expressed his satisfaction at the financial results of the Stock Exchange, adding that the positive results showed that Malta is continuing to establish itself as a centre of excellence in the financial services sector. He said the importance of the results lies in the increase in listings in 2007 and the increased participation of active Maltese investors.
The new issues in 2007 included the first ever foreign company equity issue in Malta. "We have always recognised the Stock Exchange as a strategic component of Malta's financial services industry. It enables investors to capitalise companies for growth in various industries.
"In the first quarter of 2007, Malta changed it tax code in agreement with the European Commission to make the industry more competitive and attractive to both local and international business. The exchange is also working on a memorandum of understanding with the Shanghai Stock Exchange and the Cypriot Stock Exchange to introduce shipping related investment products of interests to Malta," he said.
Mr Fenech also mentioned the public private partnership through which the government created FinanceMalta to act as both a marketing arm to the finance industry as well as the government's consultative channel with the industry. He said this institution worked well in 2007 and expected it to continue to do so throughout 2008.
In 2007, the exchange became a direct member of Target2, the pan-European clearing and settlement system operated by the European Central Bank. This now placed Malta within the European and International payment systems infrastructure making it much more attractive as a place to do international business.