MSE | Wednesday, 18 March 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Another positive close for the Local Bourse

Yesterday, the MSE index closed at 2727.37 points, up 0.91%. A total of 43,080 shares were traded for the total equity turnover value of €58,363.57. Thirty seven trades were recorded.
Bank of Valletta p.l.c. was the clear leader showing a gain of €0.12c2 in the share price to settle at €2.22 A trading volume of 13,275 shares being executed over fifteen trades saw the banking stock finish in top position. At the end of trading, bids for 692 shares stood at €2.22, whereas the best offer for 100 shares stood at €2.50.
Remaining in the banking sector, HSBC Bank Malta p.l.c. also increased its share price by €0.00c5 whilst FIMBank p.l.c closed negative by US$0.01c per share. HSBC Bank Malta p.l.c. recorded a total of four trades exchanged over 2,855 shares. FIMBank p.l.c. had the highest number of deals in the banking sector at sixteen deals being performed over 8,950 shares being executing.
Elsewhere on the local stock exchange Malta Post p.l.c. also decrease in value but recorded the highest volume of shares. Closing at €0.73 the share price lost €0.01c when 18,000 shares were exchanged through two deals.
On Tuesday 11th March Plaza Centres p.l.c. announced the Preliminary statement of annual results for the year ended 31st December 2008. Revenue for the period was €1,837,848 when compared to €1,611,700 in 2007 whilst profit before tax amounted to €1,230,451 when compared to €1,166,487 in 2007 representing an increase of 5.5% when compared to 2007. Profit after tax increased by 7.2% to €783,566 when compared to €730,778 in 2007. During the year being reported, the company’s revenue increased mainly as a result of the lease of the new extension on Tower Road which came on stream in April 2008. The company’s land and buildings were re-valued by the directors as at 31st December 2008. The Board of Directors is recommending the payment of a final net dividend of €744,647 or €0.0791 per share at the forthcoming Annual General Meeting to be held on 22nd April 2009. The final net dividend will be paid to all shareholders on the company’s share register at close of trading on the Malta Stock Exchange on 1st April 2009.
On Thursday 12th March Lombard Bank Malta p.l.c. approved the Preliminary Statement of annual results for the financial year ended 31st December 2008. The Board of Directors further resolved to recommend that the Annual General Meeting to be held on 23rd April 2009 approves the payment of a final ordinary gross dividend of €0.10 per nominal €0.25 share. This will be paid on 28th April 2009 to shareholders who are on the Company’s register of shareholders as at 20th March 2009. The Board of Directors further resolved to recommend that the aforesaid Annual General Meeting will also approve that shareholders be given the option of receiving the dividend either in cash or by the issue of new shares. The attribution price, at which the new shares to be issued will be determined, has been established at €2.50 per nominal €0.25 share. A profit before tax of €14.14 million was registered for the year ended 31st December 2008 resulting in an increase of 32.9% over the previous year. Net Interest Income dropped by 6.2% as interest margins came under pressure in a scenario of lower interest rates and convergence of same following euro adoption. Administrative Expenses at €23.88 million were in line with projections reflecting growth of the Group. While the Bank remains prudent in its provisioning policy Impairment Allowances resulted in a net release of €1.43 million for the year. Shareholders’ Funds increased by 13.0% based on a post-tax profit of €9.08 million for the year. Earnings per Share rose from €0.206 cents in 2007 to €0.241 cents. Total Assets increased by 4.0% to €525 million from €505 million in the previous year.
On Friday 13th March the Board of Directors of Malta International Airport p.l.c. approved the financial statements of the Company for the financial year ended 31st December 2008. The total passenger movement at Malta International Airport for 2008 increased from 2.97 million to 3.11 million, an increase of 4.7%. In the first six months of 2008, passenger traffic was very strong compared to the same period of the previous year. However, with the first signs of a looming global economic downturn, the passenger figures dropped to 2007 levels and eventually in the last quarter of the year decreased significantly to 6.5% less than the previous year. Traffic from the UK was particularly hit. The results of the Group for the year ended 31st December 2008 show a profit before taxation of €13,687,086 when compared to €14,096,809 in 2007. The revenue has increased from €44,356,855 of the Company in 2007 to €45,106,348 of the Group in 2008, an increase of € 749,493. Operating costs were €24,801,965 when compared to €24,036,450 in 2007). Further to the net interim dividends paid of €4,059,000, the Board of Directors is recommending the payment of a final net dividend of €0.057 per share on all shares settled as at close of business on Friday, 8th May 2009 which dividend shall be paid not later than the 29th May 2009. The directors have also scheduled the AGM for the 30th April 2009.
On Monday 16th March GlobalCapital p.l.c. announced that a meeting of the board of directors has been set for Friday 27th March 2009, to consider and approve the Company’s Financial Statements for the financial year ended 31 December 2008.
In the fixed interest market, a total of €995,054 (ten deals) were transacted in Government Bonds. Meanwhile, a total of €31,264 (seven deals) were transacted in Corporate Bonds.

Issued by GlobalCapital Financial Management Ltd, 120 The Strand, Gzira, GZR1027 for information purposes only and is not intended to constitute any financial, legal or tax advice. This write up is not to be taken as investment advice to buy or sell any investment. Investors should seek professional advice prior to taking investment decisions and should note that the value of investments may fall as well as rise. Readers who would like more information are invited to send an E-mail to or Tel: 21 342342. GlobalCapital Financial Management Ltd is a member of the Malta Stock Exchange and is licensed by the Malta Financial Services Authority (MFSA).


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18 March 2009

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