MaltaPost this week reported a 10 per cent rise in profits before tax for the financial year ended 30 September. Profits for the 2009 financial year rose to €3.19 million compared to the €2.90 million registered in 2008.
Earnings per share, meanwhile, remained at e0.07 – the same as the previous year.
Revenue fell by 1.4 per cent – from €20.48 million to €20.19 million – a decrease mainly attributable to lower volumes of domestic mail and lower stamp sales. The decline, the company reports, was compensated for by an increase in international mail.
In the meantime, the company’s cost-to-income ratio improved to 85.9 per cent, up from the 87.6 per cent registered in 2008 and well in line with its commitment to contain costs through its ongoing review of processes.
Total assets increased by 3.1 per cent to €22.07 million, from €21.41 million in 2008, while shareholders’ funds increased by 20.9 per cent to €10.88 million.
The Board of Directors has proposed a final net dividend of €0.04 per nominal €0.25 share for approval at MaltaPost’s next annual general meeting, due to be held on 24 February. Once approved, the dividend will be paid on 8 March, to shareholders on the company’s Register of Shareholders as at 29 January 2010.
The Board has also recommended offering shareholders the option of receiving dividends either in cash or by taking 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.
Over the past year, the company reports that it has achieved an increase in its profitability despite the general subdued economic situation prevailing across the globe. Within the context, it remains sensitive to containing costs in order to maintain the long-term sustainability of its services, without compromising quality, for the benefit of all stakeholders.
The company said it also remains committed to enhancing and introducing new services to meet the ever-evolving demands in both the local and international markets.
The Board of Directors expressed its confidence that the commitment of its management and staff will enable the company to overcome the challenges that the market in general, and the postal sector in particular, will present.