Company “looks forward with cautious optimism to a fully liberalised market”
Postal carrier MaltaPost has reported profits before tax for the year ended on 30 September of €3.2 million, level with last year’s and Earnings per Share of €0.07.
Speaking at the company’s annual general meeting, MaltaPost chairman Joseph Said remarked, “MaltaPost reported a successful year when, despite increasing competition, higher external operational costs and an uncertain economic climate, it maintained profits at the same level as the previous year.”
Increased cross-border mail, combined with higher philatelic sales, compensated for lower volumes in traditional mail, resulting in an increase of one per cent in revenue − from €20.2 million to €20.4 million.
The re-engineering of the company’s processes provided cost savings so that overall costs were capped at €17.5 million, compared with 2009’s €17.3 million, despite higher labour costs
The company’s cost-to-income ratio, at 86 per cent, continued to compare well with industry standards.
Total assets decreased by 4.7 per cent to €21.0 million, reflecting the application of cash for better management of trade creditors, while shareholders’ funds increased by 18.9 per cent to €12.9 million.
In a statement, the company said it “looks forward with cautious optimism to a fully liberalised market since it believes that it has the right strategy and policies in place to enable it to continue to grow and expand into new markets”.
Mr Said announced that in line with the policy of investing in potential opportunities that have a medium to long term growth profile, the Board of Directors has approved the purchase of the company’s head office building and another building in central Valletta to host Malta’s first postal museum.
Customer confidence in MaltaPost is high, Mr Said observed, adding that this was the result of consistent improvements in service quality enabling the company to meet and exceed the demanding service levels set by local and international regulatory bodies.
He informed shareholders that the company made a further significant investment in its ICT infrastructure intended to continue improving its service levels, facilitate work processes and add value. The development is expected to ensure that a highly responsive service is offered to MaltaPost’s customers via its branch network, which itself continues to be improved through a comprehensive refurbishment programme.
For the financial year ending 30 September 2010, the annual general meeting approved a final net dividend of €0.04 per share and shareholders will again be given the option of receiving their dividend either in shares or in cash. Members of the company also approved an extraordinary resolution amending the company’s statute to reflect the Shareholders’ Rights Directive.
Messrs David Stellini and Philip Tabone were re-appointed as directors and together with Joseph Azzopardi, Joseph Said, and Aurelio Theuma form the Board of Directors.