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MSE | Wednesday, 02 September 2009

GlobalCapital Financial Management Ltd - Malta Stock Exchange Review

Mixed results announced by public companies

Yesterday, the local market witnessed another negative session and no gainers were recorded. Activity was low as only three equities managed to trade during the second session of the week. The Malta Stock Exchange index lost 0.26% or 8.07 points to finish at 3086.29 points.
On the banking front, the shares of Bank of Valletta p.l.c. contributed to the downward move as the share price dipped by €4c0 to settle at the €3.00 level. Volume was quite strong as 20,201 shares changed hands across nineteen trades that carried a market value of €60,398. The lowest traded price during the session was €2.95, whereas the highest traded price of the day was €3.01.
Large-cap, HSBC Bank Malta p.l.c. maintained its previous session price at €2.70 after 1,900 shares worth €5,130 were swapped in three transactions. At the end of trading, bids for 18 shares stood at €2.675, whereas the best offer for 925 shares stood at €2.70.
Elsewhere on the board, the shares of RS2 Software p.l.c. followed Bank of Valletta p.l.c. as the share price raised the red flag too. On low turnover of 1,000 shares, this stock slipped €0c1 to close at €0.599.
On Tuesday 25th August the Board of Directors of Middlesea Insurance p.l.c. approved the financial statements and Interim Directors’ report for the six-month period ended 30th June 2009. The consolidated Group results for the six months to 30th June 2009 reported a loss before tax of €17.7 million and have been materially impacted by the negative results registered by the Italian subsidiary Progress Assicurazioni SpA. The operations of MSI p.l.c. performed positively during the first half of the year, and registered a profit before tax and Group company dividends of €1.28 million. International Insurance Management Services Ltd continued to perform well, reporting a pre tax profit of €0.24 million. The associate life assurance group, Middlesea Valletta Life Assurance Co Ltd reported a pre tax profit of €0.5 million, which profit moved to a minor loss of €0.32 million on a consolidated basis, following a disproportionate tax charge. The Board of Directors do not propose to pay an interim dividend for the half year ended 30th June 2009.
Meanwhile, on a highly positive note GlobalCapital p.l.c. reduced half-year losses and operational costs. At a meeting held on 27th August 2009, the Board of Directors of GlobalCapital p.l.c. considered and approved the Interim Financial Statements ended 30th June 2009. The Company registered a net loss after tax of €2,287,330 for the six months ending 30th June 2009 compared to a loss of €4,375,217 for the corresponding period in 2008. The net loss excluding fair valuations, value of in-force-business, revaluations, tax and impairment charges was €1,544,836 for the first half of 2009 compared to a net loss of €1,556,671 for the same period in 2008, on a like-for-like-basis. The Board of Directors, together with management, has continued to focus on identifying improvements in operational efficiencies coupled with the review and management of costs. Measures taken have contributed towards a 14% decrease in administrative expenses from €2,751,780 in the first six months to €2,352,917 for the same period last year. The Directors do not recommend the payment of an interim dividend.
On Thursday 27th August, the Board of Directors of Lombard Bank Malta p.l.c. approved the Group and Bank unaudited Condensed Interim Financial Statements for the six-month period ended 30th June 2009. For the six months ended 30th June 2009, pre-tax profit by Lombard Bank Malta p.l.c. reached €5.41 million, an increase of 5.7% over the same period last year. The profit after tax amounted to €3.69 million, an increase of 11.6% when compared to €3.31 million in the previous year. On a Group basis the pre-tax profit figure was down by 17% when compared to the record profits registered for the same period in 2008. This was due to one-time transactions at MaltaPost in 2008 which were not repeated in 2009. The pre-tax profit of Lombard Bank Group for the first half of 2009 amounted to €6.44 million. The profit after tax amounted to €4.09 million, a decrease of 18.9% when compared to €5.04 million in the previous year.
On Friday 28th August, the Board of Directors of Grand Harbour Marina p.l.c. approved the Half-Yearly Financial Statements of the Company for the period from 1st January 2009 to 30th June 2009. With the increased tariffs and higher occupancy levels attained during the period, pontoon fees and revenue from ancillary services for the first 6 months ended 30th June 2009 grew from €571,879 to €926,196, an increase of 62% over the first 6 months of 2008. There were no super yacht berth sales during the period. The results for the first 6 months ended 30th June 2009 show a loss after tax of €168,167 compared to a loss of €84,760 in the first 6 months of 2008. The Directors do not recommend the payment of an interim dividend.
In a meeting of the 31st August 2009, the Board of Directors of GO p.l.c. approved the Group Unaudited Interim Financial Statements for the six-month period ended 30th June 2009. During the first six months of the current financial year, the Group generated revenue amounting to €61.12 million, reflecting a decrease of 4.8% over the comparative period. After eliminating the effects of significant one-off items, the operating activities for the current period have returned a profit of €6.89 million when compared to €13.15 million in the first six months in 2008. After providing for net finance expense amounting to €0.71 million and the Group’s share of the results of investment in Forgendo Limited amounting to €3.73 million, the Group’s loss before taxation amounted to €5.37 million, compared to a loss of €1.42 in the comparative period to 30th June 2008. The net loss after tax amounted to €5.43 million compared to a net loss of €4.40 million for the six month period to 30th June 2008. The Board of Directors has resolved to determine the extent of dividend distribution for 2009 on the basis of the full results for the year. Accordingly, no dividends are declared upon issue of the results for the six-month period ended 30th June 2009.
The Board of Directors of Medserv p.l.c. approved the Half-Yearly Financial Statements of the Company for the period from 1st January to 30th June 2009. The Group’s turnover for the six-month period amounted to €8,167,792 compared to €5,909,840 achieved in the comparative period last year. The Group registered a profit before tax of €1,542,726 compared to €684,166 achieved in the six month period to 30th June 2008. After providing for deferred taxation, the net profit for the period to 30th June amounted to €1,513,729 when compared to €840,347 for the period 30th June 2008.
In the fixed interest market, a total of €30,360 (one deal) was transacted in Corporate Bonds. Meanwhile, a total of €189,440 (eight deals) were transacted in Government Bonds.
The turnover value in the Treasury Bill market amounted to €668,376.

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 info@globalcapital.com.mt 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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02 September 2009
ISSUE NO. 597

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Malta Today

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